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Chinese production rising and estimated real consumption

recovering in “V” shape

Chinese estimated monthly real consumption
Chinese+Indonesia monthly SS 300 series production
of stainless steel
1.8
30%

1.6
20%

1.4
10%
million tonnes 1.2 % change YoY 0%

1.0
-10%

0.8
-20%

0.6 -30%
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 F

Real Apparent

Source: ZLJ Steel, Wind, Chinese trade statistics, Macquarie Commodities Strategy, October 2020
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