On November 13, China’s steel market continued to fluctuate within a narrow range, with limited movement in futures and spot prices. Construction steel saw slight gains, while other categories remained stable. 

Overall demand stayed weak, with rebar apparent demand near a five-year low. Losses and seasonal pressures pushed some regions to cut output, and molten iron production is expected to decline further. 

Steel mill profitability fell below 40%, but mills may keep operating if losses are limited to depreciation, keeping prices near cost. 

Hot-rolled coil output remains high, adding inventory pressure, and future export trends will be a key variable. The ferrous futures market stayed steady, with coal and coke volatility narrowing. 

In the short term, steel prices will be mainly driven by molten iron output and inventory changes