Daily steel output declines to year’s lowest level
The country’s daily crude steel output fell 3.3 percent in October to 2.18 million metric tons, its lowest rate this year as mills conducted overhauls amid sagging demand ahead of enforced production cuts in early November. China produced 67.52 million tons in October, compared to 67.54 million tons in September, a 0.3 percent fall from year-ago levels, data from theNational Bureau of Statistics showed on Thursday. Demand remained relatively weak with crucial downstream sectors such as property still sluggish. For the first 10 months, total steel output stood at 685.35 million tons, up 2.1 percent, the bureau said, amounting to a daily rate of 2.25 million tons.