Focusing on market demand, a renewal in production in October is expected to support prices. However, slow progress in infrastructure construction and difficulties in securing investment funds create some uncertainties.
According to statistics, Baosteel's export volume remained stable from September to October, and the exchange rate depreciation of the Chinese yuan made export prices more competitive.
August manufacturing PMI data showed that inventories of finished products at refineries remained high and raw material costs increased. This may suppress profit margins in the manufacturing sector. Therefore, market estimates suggest that Baosteel's base rate may remain unchanged in November.