Steelbis newsletter 27 10-2021

SteelBis
Global Metal Prices
Week 43 27, October 2021
Copyright © 2021 STEELBIS SMC PVT LTD Page 1 of 10
LME Base Metals Cash Contracts $/t Date Last Spot +/- Change Frequency
Copper 27 Oct 9988 9849.5 -138.5 Day Delayed
Aluminum 27 Oct 2813 2704 -109 Day Delayed
Nickel 27 Oct 20495 19850 -645 Day Delayed
Zinc 27 Oct 3456 3385.5 -70.5 Day Delayed
Lead 27 Oct 2445.5 2430 -15.5 Day Delayed
Tin 27 Oct 39050 38750 -300 Day Delayed
Al. Alloy 27 Oct 2769 2769 No Change Day Delayed
SPOT AND CONTRACT MARKETS
KEY PRICES
LME/LBMA Precious Metals Cash Contracts $/oz Date Last Spot +/- Change Frequency
Gold 27 Oct 1792.4 1797.20 +4.8 Day Delayed
Silver 27 Oct 24.06 24.13 +0.07 Day Delayed
Platinum 27 Oct 1050 1023 -27 Day Delayed
Palladium 27 Oct 2012 1963 -49 Day Delayed
Chinese Steel and Raw Material Futures (Active Contracts) CNY/t Date Pre-Open Close +/- Change Frequency
DCE Iron Ore 27 Oct 700 700 No Change Daily
DCE Coke 27 Oct 3769 3637.5 -131.5 Daily
DCE Coking Coal 27 Oct 2970.5 2844 -126.5 Daily
SHFE Steel Rebar 27 Oct 4863 4773 -90 Daily
SHFE Hot Rolled Coil 27 Oct 5218 5149 -69 Daily
SHFE Stainless Steel 27 Oct 19620 19465 -155 Daily
Chinese Domestic Steel Prices CNY/t Date Last Spot +/- Change Frequency
Iron Ore 62% Fe Fines Index CFR China $/t 27 Oct 120.90 122.11 +1.21 Daily
Iron Ore 65% Fe Fines Index CFR China $/t 27 Oct 144.5 145.76 +1.26 Daily
Steel Rebar 27 Oct 5498 5443 -55 Daily
Wire Rod 27 Oct 5786 5731 -55 Daily
Hot Rolled Coil 27 Oct 5701 5626 -75 Daily
Cold Rolled Coil 27 Oct 6498 6456 -42 Daily
Seamless Pipe 27 Oct 6682 6661 -21 Daily
Stainless Steel 27 Oct 21607 21572 -35 Daily
Key Impex Indices $/t Date Last Spot +/- Change Frequency
Rebar FOB Turkey 27 Oct 740 735 -5 Daily
HRC Asia-Pacific import-export index 26 Oct 890.5 890.5 No Change Bi-Weekly
HRC FOB China 26 Oct 904 901 -3 Bi-Weekly

SteelBis
Global Metal Prices
Ferrous Scrap $/t Date Low High +/- Change Frequency
Bulk HMS 1&2 (80:20) CFR Turkey 25 Oct 508 510 +5 Weekly
Bulk Shredded 211 CFR Turkey 25 Oct 527 530 +5 Weekly
HMS Bundle CFR Port Qasim Ex-UAE 25 Oct 550 555 +5 Weekly
Containerized Shredded CFR Chittagong 25 Oct 590 600 +10 Weekly
Bullk HMS 1&2 (80:20) CFR Chittagong 25 Oct 575 585 +10 Weekly
Containerized Shredded 211 CFR Port Qasim 25 Oct 560 565 +5 Weekly
Containerized Shredded CFR Nava Shiva 25 Oct 553 558 +3 Weekly
Containerized HMS 1&2 (80:20) CFR Taiwan 25 Oct 488 490 +3 Weekly
KEY PRICES
Ferrous Scrap PKR/t Date Low High +/- Change Frequency
Qainchi Tok 27 Oct 121100 121350 +1500 Daily
Arat Tok 27 Oct 116250 116500 +1500 Daily
Shershah 26 Oct 120000 121500 - Weekly
Gadani 26 Oct 126000 128000 - Weekly
Semi Finished PKR/t Date Low High +/- Change Frequency
Bala 27 Oct 152000 153000 +1000 Daily
Bari 27 Oct 153000 154000 +1000 Daily
G60 CC Billet 25 Oct 161000 164000 - Weekly
Gadani PKR/t Date Low High +/- Change Frequency
Ship Plate 3-4up 26 Oct 140000 142000 +4000 Weekly
Ship Plate 5up 26 Oct 144000 146000 +4000 Weekly
Structure 26 Oct 140000 142000 +4000 Weekly
Finished Long PKR/t
(Note:G60 prices are updated as per mill revisions)
Date Low High +/- Change Frequency
G60 Rebar 10 mm Ex-KHI 21 Oct 186000 187000 +4000 NA
G 60 Rebar 12 mm Ex-KHI 21 Oct 183000 184000 +4000 NA
G 60 Rebar 10 mm Ex-LHR 21 Oct 184000 185000 +5000 NA
Local Deformed 12 mm Ex-LHR 27 Oct 168000 170000 +2000 Weekly
Ship Plate Rebar 8 mm 25 Oct 168000 169000 +1000 Weekly
Ship Plate Rebar 10-16 mm 25 Oct 170000 171000 +1000 Weekly
Ship Plate rebar 18-25 mm 25 Oct 171000 172000 +1000 Weekly
Angle 27 Oct 171000 173000 +4000 Weekly
T Iron 27 Oct 170000 174000 No Change Weekly
Girder (I/H Beam) 27 Oct 180000 185000 +1000 Weekly

SteelBis
Global Metal Prices
Flat Steel (Note: prices are updated as per mill revisions) Date Last Spot +/- Change Frequency
Primary Grade Cold Rolled Coil 0.25mm 20 Oct 250439 253949 +3510 NA
Primary Grade Cold Rolled Coil 1mm 20 Oct 239324 242834 +3510 NA
Primary Grade Galvanized Coil 0.25mm SGCH 20 Oct 269744 273254 +3510 NA
Primary Grade Galvanized Coil 1mm SGCC 20 Oct 247923 251433 +3510 NA
Pre-painted Galvanized Coil 1mm SGCC/SGCH 20 Oct 261495 265005 +3510 NA
KEY PRICES
Demolition Offers (Pakistan) $/LDT Date Low High +/- Change Frequency
Container 25 Oct 610 615 +5 Weekly
Tanker 25 Oct 600 610 +5 Weekly
Bulker 25 Oct 595 600 +5 Weekly
European Steel Market Assessments €/t Date Last Spot +/- Change Frequency
Hot Rolled Coil Ex-Southern Europe 22 Oct 940 900 -40 Weekly
Hot Rolled Coil Ex-Northern Europe 22 Oct 1030 990 -40 Weekly
US Steel Market Monthly Averages $/t Date Open Close +/- Change Frequency
Hot Rolled Coil Ex-Midwest 11 Oct 2105 2143 +38 Bi-Monthly
Cold Rolled Coil Ex-Midwest 11 Oct 2298 2315 +17 Bi-Monthly
No. 1 Heavy Melting Scrap 11 Oct 419 422 +3 Bi-Monthly
Shredded Scrap 11 Oct 466 463 -3 Bi-Monthly
No1 Busheling Scrap 11 Oct 585 586 +1 Bi-Monthly

SteelBis Bulletin
Page 4 of 10
.
FEATURE: Markets have never been better, great time to be in steel
business
Copyright © 2021 STEELBIS SMC PVT LTD
The 85th meeting of IREPAS (the International
Rebar Exporters and Producers Association) was held
as a virtual event and was attended by 223 producer
representatives among the 918 registered delegates
from a total of 70 different countries. There were also
69 registrations representing 31 different raw material
suppliers.
At the opening of the conference, Murat Cebecioglu,
chairman of IREPAS, emphasized that the supply was no
longer an issue in the global long steel products market,
and demand would be the driving factor from now on,
though it would probably be rather slow for a while
because prices are normalizing and delivery periods are
becoming shorter. He also added that the cost of
producing steel is increasing, especially on the energy
side.
IREPAS chairman also said the logistics situation is
getting worse in terms of constituting a bottleneck.
Furthermore, the strong surge in electricity costs, which
have tripled or quadrupled since August this year, has
tightened the pressure on many mills, meaning they
have to seek to pass on cost increases to their
customers, he added. Mr. Cebecioglu also said that the
outlook for the market in the next quarter is much more
positive than it has been seen for some time despite
several uncertainties.
Raw Material Suppliers at IREPAS: Scrap demand
level is very supportive of the market
Jens Björkman from Stena Metal International, the
chairman of the raw material suppliers committee,
commented on the performance of the steel market and
stated that general conditions are expected to improve
amid quite substantial support from governments for a
rebound after lockdowns.
“We will continue to see markets resuming to more
normal circumstances next year. We expect the markets
to perform well,” Mr. Björkman noted.
The raw material committee chairman pointed out
that China is planning to cap its steel production in the
first quarter at lower levels, meaning that demand for
raw materials will also remain limited. As a result,
demand in China will be slightly lower during the first
quarter next year.
Commenting on the scrap market, especially in
Turkey, Mr. Björkman said that seasonally the October-
November period is normally a very strong production
period, with strong prices also. He added that, with
continued strong production, the demand level is very
supportive of the market. Regarding threats of scrap
bans from certain countries and regions, the Stena
official commented, “The risks of that happening are
pretty mild, as it is such an important trade”.
Answering a question about financing of the raw
materials trade, the raw material committee chairman
underlined that, in terms of trade finance, such as letters
of credit, there is no shortage of financing, while, on the
other hand, there are some issues regarding credit
insurance when selling material to the EU market or the
domestic market. “Credit insurance, i.e., the ability to
cover credit with insurance, has been very difficult
during the pandemic and also the post-pandemic
period. We are seeing some signs that it might get a little
bit better as raw material buyers are performing better
and are actually delivering very strong quarterly and
annual results, which alleviates the situation for
insurance. However, in general it has been a slow
rebound so far,” Björkman said.

SteelBis Bulletin
He also commented on the situation regarding
freight rates and said that the current levels are not a
new normal, but they will not go down in the next few
months either.
Addressing the issue of the trade talks between the
EU and the US, Mr. Baysal said he believed that nothing
has changed regarding US trade policy, but things are
rather getting worse or staying the same, instead of
getting better.
During a discussion on whether China would return
to the export markets or otherwise, the traders
committee chairman shared with the conference
participants a rumored report that the Chinese
government is mulling an export tax on steel starting
from January 1 next year.
Finally, Baysal commented on current steel price
levels and on whether they are here to stay: “Yes, prices
will not decrease any time soon, at least not until the
second quarter of 2022. Scrap prices decreased a little
last month, but shipping prices continued to double or
even triple, keeping steel prices at the same levels. High
energy costs will continue to negatively affect steel
prices. If China continues to decrease production and
stay away from the export market, high steel prices may
continue for a long while yet. However, in the long run, I
think neither shipping prices nor raw material prices
will stay this high.”
Producers at IREPAS: Markets have never been
better, great time to be in steel business
Michael Setterdahl, from GFG Alliance – Liberty Steel
Mills, member of the producers committee, said that it
is a great time to be in the steel business.
Page 5 of 10
Traders at IREPAS: Prices will not decrease at
least until Q2 2022
F. D. Baysal from Seba International, co-chairman of
the traders committee, answered questions during a
panel discussion. Mr. Baysal said he believed that there
is definitely a genuine recovery. He pointed out that
steel production slowed down just to adjust to demand,
not because the mills were not able to maintain
production, but because most mills are run in an
automated manner and are capable of working with
minimum staff.
Commenting on the outlook for EU imports, the
traders committee chairman said that demand for
imports in the EU has been strong for some time and
will continue, though imports face other limitations: for
example, specifically for rebar, homologation and
quotas are the limiting factors. “The Turkish rebar quota
opening on October 1 got consumed in a single day, with
many importers still holding back significant volumes to
clear customs as of January 1. Also, significant imports
from other developing countries are not realistic, as it
takes time to qualify due to homologation procedures
which can take up to 15 months,” Mr. Baysal said.
Regarding the recent surges in energy costs
worldwide, he pointed out that energy price increases
may be permanent, but that the surge seen recently is
definitely temporary. He said that in 2008 and 2014
energy prices were even higher than today, but in
subsequent years they moved down and even collapsed
during the pandemic, resulting in many postponed
drillings, production halts, and shutdowns of coal plants.
“Going forward, all it takes is for Russia, Saudi Arabia
and the US to increase production, and pricing will go
back to normal levels again. Obviously, the nations who
are importing their energy will be affected the most,” he
suggested.

He went on to say that the markets have never been
better and that the first quarter of 2022 will be excellent,
as long as China does not start increasing exports, while
pointing out that steel consumption is growing at a
higher rate in the rest of the world than in China.
Considering that the extra increases in steel
production costs amount to €120/mt, Mr. Setterdahl
indicated that, in the medium term, there will be CO2
charges or taxes and that there will be surcharges on all
products. He said that right now, steel has surcharges on
ferroalloys, but there has been very little reference to
natural gas or electricity in the pricing of steel.
Commenting on energy costs on the other hand, the
Liberty official underlined that the EU and emerging
markets will be affected the most because they are
importing energy. He also noted that increases in
electricity from wind power and solar power are
expected, but these will be incremental increases, not
immediate as in the case of coal energy.
According to Mr. Setterdahl, demand in China is
slowing down, with the Chinese demand growth forecast
dropping from 6.5 percent to 4.9 percent. “As inventory
levels are going up and as Chinese regulators are
concerned about the increase in prices for residential
buildings amid expensive rebar and cement, I think
there is a political push in China to reduce demand,”
Setterdahl noted. In response to a question on whether
China would resume exports, he said that Chinese mills
may want to turn to the export markets to maintain their
volumes with domestic consumption slowing down, but
Beijing will not allow mass exports, he noted, explaining
that 20 million mt of steel exports out of China may be
tolerated but, if the figure goes up to the maximum
amount of 65 million mt registered a few year ago,
Beijing will take action.
Page 6 of 10
SteelBis Bulletin Week 43 27, October 2021
Base metals down under as US
dollar emerges stronger
3M LME aluminium fell as much as 3.8% to $2,723 a
tonne on Wednesday, sliding to an eight-week low as
declining coal prices alleviated trader concerns about a
supply deficit. Shanghai Futures Exchange December
aluminium contract sank 5% to its lowest level in over
ten weeks, to RMB 20,065 a tonne.
Aluminium smelting is a high-energy operation that
rose by 50% this year and reached 13-year highs, owing
to robust demand and production cuts in China due to
power shortages which led to the surge in coal prices
earlier. However, aluminum has recently fallen as
China's state planner stated it had instructed key coal-
producing provinces to examine and regulate illicit
storage facilities and tighten down on stockpiling, since
then thermal coal hit its 10% lower trading limit on
Wednesday.
Similarly, 3M copper slid 1.3% at $9,663 per tonne.
While ShFE copper dropped 2% to reach 70,560 a tonne.
Copper hit a new high of $10,747.50 a tonne but has
fallen by about 10% since May, pulled down by weak
Chinese factory output, debt issues in the housing
market, and an energy shortage. Further, Copper prices
are set to fall next year from record highs reached in
2021 as mine supply increases and China's economic
development slows.
3M LME nickel declined 0.6% at $19,970 a tonne.
While Nickel at Shanghai Futures Exchange dropped
2.6% to RMB 148,340/tonne.
Zinc shed 1.5% to $3,373 a tonne, Similarly, SHFE
zinc down by 2.7% to RMB 23,895 a tonne. 3M tin on
LME lost 1.1% to $37,000/tonne.

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FOCUS: China’s steel production dips to 73.9 mnt in Sept’2021..
Global crude steel production dropped by 8.9% in
September 2021 on year to reach 144.4 million tonnes,
of which the world’s top producer and consumer of the
metal, China produced 73.9 million tonnes maintaining
its position at the top of the list among other countries.
However, China’s September 2021 crude steel output
was far lower on a year or year basis, with production
down by 21.2% compared to September 2020, and also
down 11.2% on month from August where the country
produced 83.2 million tonnes of crude steel.
The world's largest steel producer and exporter has
been overhauling its steel sector to reduce waste,
promote renewables and unconventional fuel, and
reform its electricity network as part of its plan to bring
carbon emissions to a peak before 2030, through the
introduction of production controls and the retention of
domestically needed supplies in the country.
Earlier last week China's government in a document
published on the website of the National Development
and Reform Commission (NDRC), announced that
energy-intensive industries like steel, aluminium,
cement and oil refining should ensure that more than
30% of their production capacity meets tighter energy
efficiency standards by 2025. An annex to the document
outlined that Blast furnaces must cut 17% of their
energy consumption for a single unit of production by
2025.
September, marked the fourth consecutive month
where China’s crude steel production has dropped. It is
the highest recorded decline after ferrous metal’s output
declined 8.4% in July and 13.2% in August. Meanwhile,
since the beginning of the October, steel mills in Jiangsu,
Guangdong, and Guangxi have progressively resumed
production. As of Octover 13, mills in Jiangsu province
had increased crude steel production by at least 25,000
mt/day since the end of September, as power shortage
in some areas eased significantly in October, while steel
output cuts in H2 September have put most regions
back on track to fulfill 2021 energy consumption targets.
Most steelmakers, however, are not likely to run at
full capacity, according to sources in these regions,
because they will need to curtail output to some extent
in 2021 to keep crude steel output near 2020 levels.
China has been requesting steel mills reduce production
since July to stay on track to meet its pledge to peak
carbon emissions by 2030 and become carbon neutral
by 2060.
Outlook:
During the first 3 quarters, Beijing's attempts to keep
steel output below last year's high were met with
minimal success, with China’s production up by 2% on
annual basis to stand at 805.89 million tonnes in the first
nine months of the year, however, the government
ramping up its efforts to keep its promises became
evident in September when daily crude steel output
lowered to 2.46 million tonnes since December 2018,
down 8.6% from August's average, as power shortages
in parts of the country and environmental restrictions
impeded plant activity.
Moreover, since late August, capacity utilisation rates
at 71 electric arc furnaces in China have been declining,
falling to 49.22% in the last week of September, down
21.09% from the same period a year ago. Electricity
rationing driven by coal shortages.

of 10
Chinese HRC futures down 3.56%
d.o.d and 11.59% w.o.w
In terms of end user segments, construction steel
demand in September and October was weaker than a
year ago, according to several dealers in Beijing,
Shanghai, and Guangzhou, and any further increase in
demand in Q4 is projected to be capped by a slowdown
in the property sector. Analysts therefore expect, if the
country continues a similar output in the fourth quarter,
total annual production will drop by around 30 million
tonnes to slightly over 1 billion tonnes and with this
case, the industry will be able to achieve the
government's goal of reducing yearly output.
Chinese HRC exports offers declined this week with
recent quotes coming along levels of $940-950/t CFR
Pakistan, after earlier hovering around $960/t CFR as
of last weekend. Offers earlier were heard at levels as
high as $970-990/t CFR however, domestic market
volatility ensued after the country's top economic
planner, the National Development & Reform
Commission said it would investigate the spread of
"fabricated" price information, and a slew of
government measures followed in order to control raw
material prices, which saw prices in the Chinese
ferrous complex falter significantly.
Uncertainty in the local market has been preventing
traders from actively making new offers, moreover,
demand for Chinese hot rolled products continues to
remain low due to competitive offers from Russia and
other regions.
The Chinese Hot rolled coil export index fell to $896/t
FOB last weekend down $14/t on day, with some
traders heard lowering their offers for the SS400 HRC
to $885-890/t FOB on Friday, October 22nd 2021.
Spot prices for hot-rolled coils in China also fell sharply
triggered by the Chinese government's move to contain
a surge in coal prices. The downtrend continued with
the domestic hot rolled coil index assessed at 5625
yuan a tonne today, down 2.71% on week. Meanwhile,
spot HRC trading liquidity in Shanghai and Tangshan
remained weak as the market continued to panic
amidst price volatility.
Sentiment was further dented as hot rolled coil futures
at the Shanghai Futures Exchange plunged on a near
daily basis from Thursday October 21st, with the most
actively traded contract for January 2022 delivery
closing at 5032 yuan in today’s session, plummeting
over 12% on week from 5720 yuan at its open last
Wednesday.
In view of market participants, "Chinese HRC prices are
unlikely to drop to a level where they can be price
competitive again unless supplies from other origins
are significantly reduced, on the other hand, if the
export volume increases, it is likely that export duties
[on steel products] will be imposed.”
FOCUS: China’s steel production dips to 73.9 mnt
in Sept’2021.… continues

of 10
Coke Futures fall as Beijing probe
into illegal storage sites
China imported 4.35 million tonnes of coking coal in
September, down by 35.3% year on year and 7.2%
lower month on month, according to the latest Chinese
customs data reports.
Imports fell as rising covid cases in Mongolia led to
delivery delays; Mongolian imports declined by 39% to
659,094 tonnes in September on the month, after more
than doubling in August.
On the contrary, US imports rose by 21% in
September on the month to hit a record high of 1.47mn
tonnes. Canadian imports in September more than
tripled to 967,973 tonnes from a year earlier; while
imports from Russia nearly doubled year on year,
reaching about 927,000 tonnes.
The country’s January-September 2021 imports fell
by 41% to 35.08mn tonnes after China banned coal
imports from Australia a year earlier with no Australian
imports since December 2020.
Tight supply in China, the world's biggest steel
producer, propelled coking coal and coke prices to
record peaks earlier this month. Offers for premium low-
volatile hard coking coal delivered on a CFR China basis
rose by 50% on month to a record $597.65/t over the
period between September 1st to September 30th 2021;
similarly, premium low-volatile hard coking coal price of
ex-Australian coal surged 61% to $401/t FOB over the
same period.
The present market volatility has more to do with
Beijing's resolve to ensure supply and price stability
measures than market fundamentals.
In the spot and contract markets, Chinese coal futures
continued to fall on Wednesday after the government
earlier announced intervention to cool commodity
prices, while demand for industrial metals stayed
subdued on output controls.
The most-active coking coal and coke futures for
January 2022 delivery on the Dalian Commodity
Exchange opened down 9% at 2,704 yuan and 3,430
yuan, respectively, hitting their daily trading limits.
The plunge came as thermal coal hit its 10% lower
trading limit after the state planner said it had asked
major coal producing provinces to probe and regulate
illegal storage sites, and to crack down on hoarding
behaviors.
In a note, analysts at Sinosteel Futures shared, "The
collective price of coal-related futures has turned from
strong to weak, and the market would witness further
panic as Beijing will implement intervention measures
on coal prices in accordance with the law".

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CISA vows to ramp up efforts to
ensure iron ore supplies
As stated in a press release issued on Monday,
October 25th 2021, China Iron and Steel Association
(CISA), vowed to double efforts to ensure iron ore
supplies as Chinese steel mills reported better
profitability during the first three quarters of 2021,
despite being faced with growing costs, stringent
environmental protection measures and energy
conservation requirements.
Chinese steel makers optimized their businesses and
realized profit totaling 319.3 billion yuan ($49.97
billion), up 123 percent year-on-year. On average, their
profit margin rose 2.18 percentage points to 6.03
percent.
During the same period, the average price of iron ore
rose to $171.67 per ton, up 72.64 percent year-on-year,
while the price for coking coal rose by 57.07 percent and
that for scrap steel shot up by 36.48 percent.
In the press release the association stressed that
upstream resources supply has become increasingly
monopolistic, while the downstream industry in China is
highly fragmented. The association plans to speed up the
process of tackling iron ore supplies through more
communication and exchanges. It will also develop
resource supplies, improve the pricing mechanism for
iron ore, and refine futures trading rules to ensure stable
industry and supply chains.
CISA also noted that, for the first nine months, crude
steel output increased 2 percent to 80,589 tons. The
growth rate was 2.5 percentage points lower than in
2020. Nonetheless, nationwide restrictions have had a
clear impact on crude steel production, with September
output down 21.2 percent year-on-year -- the lowest
growth rate in three years, according to CISA. China's
crude steel output accounted for a slightly lesser share
of the global total, at 55.45 percent, down 2.81
percentage points from the same period in 2020.
Data from the World Steel Association also showed
that Chinese crude steel production grew at a slower
pace than the rest of the world in the first eight months
of the year, with China growing at 10.6 percent year-
on-year in contrast to 18.1 percent for the rest of the
world.
CISA had earlier rallied with government ministries to
accelerate the development of domestic iron ore
sources and the construction of overseas iron mines
invested in by Chinese companies in order to secure
the country's iron and steel supplies during the 14th
Five-Year Plan 2021-25.
Over January-September, China's run-of-mine (RoM)
iron ore output managed to grow 13.4% on year to
743.4 million tonnes, though the growth eased from
the 14.2% on year for the first eight months mainly
because of the ongoing power rationing the stringent
safety scrutiny, according to the data released by the
Metallurgical Mines' Association of China (MMAC) on
October 21.
For September alone, the country's output grew 9.6%
on year or up 0.9% on month to 84.7 million tonnes,
among which 71.9 million tonnes or 84.9% were from
the top seven mining bases including Hebei, Liaoning,
Sichuan, Shanxi, Inner Mongolia, Xinjiang and Anhui.

Disclaimer:
This report is developed by the research team of SteelBis ltd. And hence is the sole copyright of the
Company. No party or individual is allowed to reproduce such material or replicate its work upon other
forums. The intent of this report is to share the latest trends in terms of pricing and news for the products
under concern. This research does not in any way, intend to recommend the users about any products or
Company, and hence, SteelBis ltd or any of its employee are neither in any way liable for damages or
misinterpretations caused by their research nor are they to be held responsible for any errors or
omissions made during the development of their reports.
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Steelbis newsletter 27 10-2021

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