China’s steel output decreased in late Oct

The daily output of China's major steel companies in late October dropped 5.39 percent, or 86,600 metric tons, compared with the previous 10 days to 1.51 million tons, said a report issued on Wednesday by the China Iron and Steel Association.

Daily rolled steel output declined to 1.53 million tons, a 4.43 percent drop compared with the last cycle.

Xu Xiangchun, a senior analyst at industrial information provider Mysteel.com, said that the declining trend is hard to explain because from a market perspective, steel plants should grab the chance to increase production at a time when steel prices are rebounding and inventories are falling.