According to the data released by NBS (National Bureau of Statistics), in November of this year Chinese overall crude steel output amounted to 49.883 million metric tons, decreasing by 0.2 percent as compared to the same period of last year. Meanwhile, during the given period Chinese daily crude steel output came to 1.663 million metric tons, down 5.7% month over month. Besides, in the period in question Chinese iron ore production stood at 126 million metric tons, rising by 34.9% year over year.
From the above data, we could see that the dropping crude steel production will play positive roles in assuaging the domestic oversupplied steel market. Further more, the rising domestic iron ore production is also of paramount important for Chinese steelmakers to get rid of the reliance on imported iron ores.