Iron ore price, page-26503

Nov 2020 worldwide steel production numbers just out on world steel.org

These numbers are most impressive. What makes them more impressive is the turnaround in steel production ex China. While China’s steel demand has remained insatiable, the gap between China YOY % growth and that of the ROW has closed each month since March this year.

It wasn’t long ago that India was well down YOY but now they are 3.5% up YOY. Meanwhile IO production is well down thanks to the auction debacle in Odisha, IO exports to China substantially up YOY and steel mills crying poor due to lack of raw materials.

while everyone is rightly focussed on China, where will IO supply come from if the ROW continue their strong steel production into next year. It’s highly unlikely that steel production will drop 25% YOY as it did back in March and April this year.