The ferrous complex was mixed on October 31, 2022, but spot hit a new post-COVID low:
The China steel PMI was pretty ordinary:
Judging from the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, October 2022 was 44.3%, a month-on-month decrease of 2.3 percentage points, ending two consecutive months of month-on-month recovery, showing that the operation of the steel industry has fluctuated. Changes in sub-indexes show that the demand side is weak, the production side has declined as a whole, steel prices and raw material prices have shown a downward trend, and steel mills have generally suffered losses. It is expected that in November, the market demand for steel will decrease slightly, and the production of steel mills is expected to remain stable, or there may be some room for growth. Under the condition that the contradiction between supply and demand continues, the price of steel may drop slightly.
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