China drives 4.6% gain in world raw steel output in Oct.

Nov 18, 2005 | 11:35 AM | Scott Robertson

World raw steel production registered a 4.6-percent increase to 96.6 million tonnes in October, with China again the main driver behind the gain, according to figures released by the International Iron and Steel Institute, Brussels.

Absent China, world raw steel output in the first 10 months of the year would have registered a decline, the IISI said.

The October production increase kept world crude steel output on pace to shatter the record of more than 1 billion tonnes set last year. With two months left in 2005, crude steel production has already eclipsed the 900-million-tonne mark this year.

The gain in China more than offset production cuts in the United States and Canada, where steel mills continued to stick to plans to trim production in the face of higher inventory levels. The situation in North America could be on the verge of changing, though, as service center inventories have been lowered recently, leading to more tightness on the supply side of the market.....

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