According to the data released by CISA (China Iron and Steel Association), Chinese registered steelmakers contributed a daily crude steel output of 1.484 million metric tons in middle November, unchanged from early November. Meanwhile, Chinese average daily crude steel output was estimated to stand at 1.6637 million metric tons in middle November, also flat as compared to early November.
Experts said that the domestic steelmakers have curtailed their production substantially since middle October. Meanwhile, during this specific period, the final customers' demands are still weak on aggregate. Hence, the dropping steel output has somewhat assuaged the domestic oversupplied situation and it is also the main reason for the price rebound in November.