UBS predicted that China's steel output may drop five million tons, or 11 percent, in October and pig iron output may dip 5.5 million tons unless demand for steel starts to rebound.
It implied that demand for iron ore in the month will decline 8.8 million tons and that for coking coal will fall 3.5 million tons.
Smaller mills moved to adjust what they paid for spot raw materials as early as August. – CISA
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