On November 7, the China Iron and Steel Association said that in October, affected by the country's steady growth policy measures, the market is expected to rise, and the release of steel production capacity remains at a high level, driving demand for iron ore and rising prices. The post-market will soon enter the low season of Q345C seamless steel pipe consumption, steel output will decrease, iron ore demand intensity will decline, and prices will not continue to rise, will be slightly fluctuating.

　　According to China Steel Association, at the end of October, China's iron ore price index (CIOPI) was 272.14 points, up 22.25 points month on month, or 8.90%, up 5.43 percentage points from the previous month.

　　Steel production began to decline. According to the statistics of the Iron and Steel Association, in the first half of October, member steel enterprises averaged 1,798,300 tons of crude steel per day, and estimated that the country's daily production of crude steel was 2.5082 million tons, down 7.13% from September; the estimated daily production of iron was 2.033 million tons, 9 The month fell by 8.12%. Affected by the decline in steel production, the demand for iron ore has also decreased.

　　Inventory. According to the China Steel Association, at the end of October, the inventory of imported iron ore ports nationwide was 145 million tons, up 20,000 tons from the previous month, an increase of 0.01%; but the year-on-year increase was 9.24 million tons, an increase of 6.80%, still at a relatively high level. In September, the national pig iron output was 66.38 million tons, down 0.42% from the previous month; while the iron ore import volume was 93.47 million tons, up 4.61% from the previous month. Overall, the oversupply situation in the iron ore market has not changed.

From the price trend of Q345C seamless steel pipe, the supply pressure is relatively large because of the relatively stable demand. According to the statistics of the Iron and Steel Association, as of the end of October, China's Q345C Seamless Steel Pipe Price Index (CSPI) was 121.72 points, up 0.08 points and 0.07% from September, showing a narrow fluctuation. According to the data of the National Bureau of Statistics, the purchasing managers index (PMI) of China's manufacturing industry was 50.2% in October, down 0.6% from the previous month, while the production index and the new order index fell by 1.0 and 1.2 percentage points, respectively. Iron ore prices are not expected to continue to rise in the future, and will fluctuate slightly.
In October, due to the fluctuation of raw material prices, the cost support of steel prices gradually increased in the later period; the social stock of Q345C seamless steel pipe rose first and then fell, especially the pressure of building materials inventory dropped; and the production capacity of steel released during the heating season in mid-November will be restrained; but because of the winter in the north, demand will decrease and supply and demand will be improved. Q345C seamless steel pipe market is expected to fluctuate highly in November.