China, the world’s largest steel producer, saw its crude steel output fall below 70 million tons in November, marking the lowest monthly level in nearly two years. 

According to the World Steel Association, China’s production continued a multi-month decline and dropped by around 11% year on year, reflecting weak demand and tighter supply discipline. Full-year output is now expected to hit a seven-year low. 

Global crude steel production in November totaled about 140 million tons, down roughly 5% from a year earlier, while cumulative output for the first eleven months slipped by around 2%. The easing of global supply may help stabilize steel prices.