Global steel prices are expected to move in a narrow range in November and December, with the WSA predicting that demand will bottom out by the end of the year. Chinese domestic and export prices of steel may edge down after the peak construction season ended in October. Raw materials, with the exception of scrap, will largely follow the Chinese market movement. Scrap supplies are likely to tighten during the winter and so prices are likely to remain supported. Due to the lack of any significant improvement in demand, the global steel market is likely to witness a supply surfeit and further deterioration in prices till December, with Chinese steel exports likely to stay elevated.
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