According to the data released by China Iron and Steel Association that the country's daily production of large and medium-sized steel mills totaled 1.7033 million tons in the last ten days of October, decreasing 0.5% from mid October, In addition, inventory of steel products in these steel mills totaled 12.876 million tons as of the end of October, decreasing 6.6% or 912,000 tons compared to mid October. Many upsides such as production cut in steel mills, restocking of steel-consuming industries, rebound in steel futures price, iron ore price rise, positive expectations on the Third Plenum and low inventory in particular, that hit a year-to-date new low in many marketplaces, helped drive rapid revival of steel price in early November. However, the steel prie rise may be dampened by the straining finance following suspended construction in the winter, steel mills Northern China will accelerate delivery to the South, and speculation on the Third Plenum will come to an end by the end of the year.
