China's auto output in October was 10.1% lower than a year ago, leading to annual contractions in output and sales over the first 10 months and causing price drops in upstream steel goods such as cold-rolled coil (CRC).
The country's CRC prices in eastern China have been posting weekly drops since August 24. On Friday November 9, CRC prices in this region were between 4,520 and 4,570 yuan ($650-657) per tonne, down from 4,640-4,680 yuan per tonne a week earlier, according to Fastmarkets MB's assessment.While CRC prices rebounded between April and August - with demand remaining stable while some producers shrank production...