UPDATE 1-China’s Oct daily crude steel output plunges to nearly 4-year low

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* Crude steel production of 71.58 million tonnes versus 73.75 million tonnes in September

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* Average daily production dropped 6.1% m/m in October

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* Jan-October production down 0.7% y/y (details, adds background)

BEIJING, Nov 15 (Businesshala) – China’s daily crude steel production fell 6.1% from a month earlier to 2.3 million tons in October, from 2.3 million tons since December 2017, according to Businesshala calculations based on data released on Monday by the Bureau of Statistics. is the lowest.

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For the month, the world’s top steel producer made 71.58 million tonnes of the metal, falling for the fifth consecutive month and down 23.3% from the same month a year ago, data from the National Bureau of Statistics (NBS) showed.

China’s monthly steel output has been falling since July after seeing double-digit growth in the first half of the year. Strict production controls and restrictions on the use of electricity have affected both supply and demand.

The weekly capacity utilization rate at 163 blast furnaces across China fell to 62.39% in early November, the lowest since the week ending July 2, data from Mistel showed, during the 100th anniversary of installation. Some heavily polluting industrial activities were stopped. Communist Party.

Downstream demand also failed to meet the market expectations, especially due to sluggish property market during the traditional peak construction season in September and October.

China’s asset investment rose 7.2% in January-October, having been at a low for eight months. New construction starts, measured by floor area, fell 7.7% year-over-year, the Bureau of Statistics said in a separate statement on Monday.

In the first 10 months of the year, China produced 877.05 million tonnes of steel, down 0.7 per cent year-on-year, NBS said. It was the first drop in reported year-on-year production in at least five years and paved the way for Beijing to meet its commitment to avoid higher annual production in 2021.

Reporting by Min Zhang and Shivani Singh; Editing by Kim Coghill and Simon Cameron-Moore

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