Lange Steel, a leading market watcher in China, expects the steel prices to fluctuate within limited ranges in November, considering the supply and demand conditions in October. Monitoring by Lange showed steel logistics PMI declined 0.8 on month to 46.7 in October.
The sales index dipped 0.7 and the order index slid 0.6 on a monthly basis, Lange said. Lange estimated crude steel output in October at 66.9 million tonnes, in which case the daily average would have slid marginally compared to September. With the weather getting colder in September, construction sites in north China would reduce work and diminish steel demand, Lange said.
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