China's average daily crude steel production declines

According to data from the National Bureau of Statistics, China's crude steel production totaled nearly 77 million tons in September, reflecting a 6% decline compared to the same month last year. Despite this decline, macroeconomic policies introduced at the end of September contributed to raising steel prices and maintaining production levels.

Members of the China Iron and Steel Association (CISA) produced an average of 2.05 million tons of crude steel per day in early October. This represents a 1.7% increase from ten days ago, but a 1.6% y-o-y decline.

Molten iron production averaged 1.86 million tons per day, a 0.3% rise from late September. However, despite this increase, output fell by 3.6% y-o-y. Daily finished steel output was around 1.9 million tons, showing a 4.5% drop compared to late September and a 4.8% decrease y-o-y.