China's steel inventory fell in November and steel prices rose

In November, the market demand picked up, which led to the smooth market sales and accelerated the de stocking speed of steel mills. The finished goods inventory index was 32.2%, down 5.1 percentage points month on month. According to the statistics of China Steel Association, in the middle of November, the steel inventory of iron and steel enterprises was 12.5698 million tons, with a decrease of 277500 tons or 2.16% on a month on month basis. In terms of social inventory, in mid November, the social inventory of five major varieties of steel in 20 cities was 8.75 million tons, a decrease of 1.28 million tons or 12.8% compared with the previous month.

In November, the overall steel market prices showed an upward trend. However, at present, the market sentiment has been a little afraid of heights. It is expected that with the weakening of steel demand in December, steel prices may show a downward trend of shock.