China's steel output declines m-o-m in November, maintains y-o-y rise

According to data from the National Bureau of Statistics (NBS), China's crude steel production totaled 78.4 million tons in November, marking a 4.3% decline compared to October but a 2.5% increase y-o-y. Cumulatively, crude steel output over January-November reached 929.2 million tons, marking a 2.7% decline from the same period in 2023. Analysts project that China's annual crude steel output will decline to around 1 billion tons, at least 20 million tons lower than the revised 1.028 billion tons recorded in 2023.

Pig iron production followed a similar monthly downward trend while posting moderate year-on-year growth. In November, output stood at 67.48 million tons, reflecting a 4% decline month on month but a 3.9% increase from the previous year. From January to November, cumulative pig iron output totaled 782.77 million tons, a 3.5% decline y-o-y.

Meanwhile, China's finished steel production showed steady growth overall, though it experienced a slight monthly slowdown. In November, production hit 118.81 million tons, a 0.5% decline from October but a notable 5.1% increase y-o-y. Total output for January-November climbed 0.9% y-o-y to 1.28 billion tons.