The problem is that there are more than 13m tons of HRC capacity coming online or planned to come online in the next three years.

Earlier this year, the association had forecast steel demand to drop by 1.7% in 2022.

The location of the second planned mill has not been announced.

The sentiment for finished steel prices continued to slide as the November scrap buy week was underway, according to the most recent S&P Global Commodity Insights US steel market participant survey.

Fastmarkets sources continued to insist that prices were in parity, as rare as the phenomenon is.

Most of the capital goods in China posted lower prices in late October compared with mid-October, official data showed Friday.

Vietnam spent nearly 10.3 billion U.S. dollars importing roughly 9.8 million tons of steel and iron in the first 10 months of this year.

The 2211 ferrosilicon contract price on ZCE closed at 8370 yuan per ton on November 8.