* Oil prices rebounded from earlier losses to spike higher on Monday, after Saudi Arabia said it is prepared to use all measures necessary to ensure a stable oil market.The world’s biggest oil producer added that it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.
* Global crude steel production (CSP) in October declined 2.3% YoY to 133.6mt. Production through BF route was down 1.2% YoY while through electric route was down 4.6% as it lost market share to more favorable economics of iron ore/coal to scrap. Chinese CSP was lower by 2.1% YoY, with production through electric route lower by 5.6%. This is reversal in trend over the past few months where while China CSP was declining, production through electric route was rising. Global crude steel production down 2.3% YoY in October
* India long product (TMT Mumbai) prices were down 2% WoW. Sponge iron prices fell 3% WoW. Domestic scrap prices were unchanged. Pellet prices were lower, while import parity HRC price offers were unchanged.
* Iron ore (China cfr) prices declined 7% WoW. Coking coal prices fell by 2% WoW. Thermal coal prices rose 6% WoW due to supply disruption.
* EU HRC prices were unchanged. Chinese domestic HRC prices were marginally lower and rebar prices fell 3% WoW. Export prices were unchanged. CIS export HRC prices were down 0.9% WoW. Rotterdam scrap was down 5% WoW, on back of correction in iron ore prices.
* Aluminum (cash LME) was unchanged. Spot premiums were higher.
* Copper (cash LME) was down 3% WoW, following 4% decline last week. Zinc and lead prices were down by ~1% WoW.