Output keeps growing
China's production of pig iron, crude steel, and finished steel stood at 741.7 million, 873.93 million, and 1.08 billion tonnes over January-October respectively, rising 4.3%, 5.5% and 6.5% compared with the year-ago levels, showed data from the National Bureau of Statistics.
Exports decline but imports increase
The accumulative exports of steel products declined 19.3% year on year to 44.43 million tonnes over the first ten months, with the decline narrowing by 0.3 percentage point compared with January-September, according to the General Administration of Customs.
Imports of steel products, however, extended growth by 1.7 percentage points during the same period compared with January-September. Total imports were 17.01 million tonnes over January-October, surging 73.9% year on year, data showed.
Steel prices on the uptrend
China's steel price index rose 2.9% to 107.34 at the end of October compared with a year earlier, according to the China Iron and Steel Association (CISA). From January to October, China's steel price index average 102.93, down 4.8% on the year.
Key member enterprises of CISA achieved sales revenue of 3.8 trillion yuan ($579 billion) during the first ten months, 7.2% higher year on year. Profit of those enterprises declined 4.5% on the year to 158.5 billion yuan during the same period, with the fall narrowing from 9.4% decline recorded in the first nine months.
The profit margin on sales came in at 4.12%, down 0.5 percentage points from the same period last year.
Steel inventories continue falling
By the end of October, social stocks of five major types of steel (rebar, wire rod, hot-rolled coil, cold-rolled coil, and medium-thick plate) in major cities across China reached 11.27 million tonnes, down 7.8% month on month and 44.2% from the peak in around early-March this year, CISA data showed.
Import iron ore costs hover high
China imported 975.2 million tonnes of iron ore over January-October, up 11.2% year on year. The price of imported ore fines (62% Fe) stood at $116.38/t at the end of October, up $32.34/t or 38.5% from a year earlier, according to the CISA.
(Writing by Emma Yang Editing by Tammy Yang)
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