China reports sharp growth in HRC and CRC production

During the same period, cold rolled coil (CRC) output also increased by 4.8% year-on-year to 35.797 million metric tons.

For November only, China's hot rolled and cold rolled coil production figures stood at 15.819 million metric tons and 3.658 million metric tons, on average. These figures corresponded to yearly increases of 8.4 percent and 13 percent, while monthly decreases of 7.73 percent and increases of 1.89 percent, correspondingly.

Specifically, hot rolled coil prices in China's local market showed an upward trend in early November, but declined towards the end of the month. The highest price in November was RMB4,260/mt ($600/mt) on November 21, while the lowest was RMB4,030/mt ($568/mt) on November 1.

During the month, major Chinese steelmakers, including Baosteel, Anshan Iron and Steel and Benxi Iron and Steel, raised their local base prices for December hot rolled coil deliveries by RMB100-200/mt ($14-28/mt), contributing to strengthening market confidence.