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International steel supply and demand both rise

Global economic activities have gradually recovered, industrial production has maintained a recovery trend, steel consumption has continued to improve, the international steel market has become more active, and the production and sales volume of major enterprises have gradually returned to normal levels.

In October, the World Iron and Steel Association raised its forecast for global steel demand, which will drop 2.4% to 1.725 billion tons in 2020, up from 6.4% previously expected. The European Iron and Steel Association recently predicted that the apparent consumption of steel in the European Union would drop by 14.6% year on year this year, an improvement over the previous forecast of 16.6%. The Ministry of Economy, Trade and Industry of Japan predicts that Japan's domestic steel demand in the fourth quarter will increase by 5.4% month-on-month due to increased automobile production.

In terms of supply, the global crude steel output continued to pick up. In September, the crude steel output of 64 countries according to the World Iron and Steel Association was 156.4 million tons, an increase of 0.2 million tons compared with August. In addition to China, the crude steel output was 63.8 million tons, an increase of 2.4 million tons compared with August.