Many mills cut production due to weak demand and energy problems

Many mills cut production, causing shortages, not only in China but also in EU and Vietnam. Hoa Phat mill announced to close 4 blast furnaces to maintain the remaining production segments until market demand improved. China billet price inched slightly by $5/ton today, November 9^th to $479/ton. Meanwhile, the billet price Vietnam offered at $490 FOB, could not compete with other sources from China.

The price of HRC SS400 offered to Vietnam is at $510-520/tons, the bid price is offered at $485-490/tons, but demand is not strong.

Scrap prices continued to fall while iron ore prices hit $93.8/ton, the highest in two weeks.