Mr. Luo Bingsheng, the Secretary General of China Iron and Steel Association (CISA) said that China's steel supply has exceeded the demand recently.
According to statistics, China's crude steel production in the first ten months of this year totaled 580.787 million tons in the first ten months of this year, surged by 11.1% year on year.
The daily average output of crude steel in the first nine months of this year was at 1.9258 million tons, close to the level of annual production in last year.
However, Chinese steel mills started to reduce crude steel output from October due to supply-exceed-demand. The country's crude steel production in October totaled 56.673 million tons, decreased by 3.6% from September