The inventories at 37 sampled mills also decreased by 15,200 tonnes on week to around 1 million tonnes as of November 25, according to the survey.

US automotive producers and other steel-intensive manufacturers are facing a supply shortage which could potentially lead to production shutdowns or reductions, according to numerous market sources.

Japanese steel manufacturer JFE Steel has secured funds to invest in Chinese speciality steel bar company Baosteel Special Steel Shaoguan (BSSS).

"We're going to go into December probably busier than we've ever been," the first buyer said.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 161.9 million tonnes (Mt) in October 2020, a 7.0% increase compared to October 2019.

Mechel PAO (MOEX:MTLR)(NYSE:MTL), one of the leading Russian mining and metals companies, announces 3Q2020 and 9M2020 operational results.

Experts urge State firms to boost restructuring efforts, revitalize regional economy

Key innovative area of Shanghai hopes emerging industries can attract greater overseas investment