Shanghai, November 9th (SMM)-This is an exclusive survey of major producers by SMM analysts, an overview of China's metal production in October 2021.

In October, China's copper cathode output was 789,400 tons, a decrease of 1.7% from the previous month and a decrease of 3.9% from the same period last year.

In October, the production of copper smelters in many places across the country was restricted by electricity curtailment, especially in Shandong, Jiangsu, Zhejiang, Guangxi, Yunnan and other places. Some smelters in Henan, Jiangxi, and Guangdong have relatively little impact from limited electricity. Since late October, power rationing has been relaxed.

However, some smelters in southern and northern China reduced their output by 15,000 tons due to overhauls, which further tightened the domestic supply of copper cathodes.

In mid-October, copper prices rose and the supply of blister copper picked up, but African shipping containers were still tight, and some long-term deliveries were delayed. The supply of blister copper is still tight. Some smelters failed to resume normal production due to the shortage of copper scrap and power cuts.

Alashankou Port was re-cleared on October 27, but ships carrying copper concentrates were heavily congested. Most copper smelters in southwestern China had to reduce production of refined copper, which dragged down the decline in copper cathode output in October. Congestion may continue to limit production in November.

According to the production plan, the two smelters in Guangxi are under maintenance, but the output of the two smelters in Guangxi is growing slowly due to the accident.

Due to power curtailment, the operating rate of the Jiangsu smelter will remain at 60-70%, and it will be more difficult for the Yunnan smelter to resume production.

Smelters in areas along the Yangtze River, such as Anhui, reduced production slightly due to excess inventory, but copper cathode production was not affected.

It is estimated that the domestic copper cathode output in November will be 819,400 tons, a month-on-month increase of 3.8% and a year-on-year decrease of 0.3%. The total output from January to November is expected to be 9.09 million tons, an increase of 7.8% year-on-year.

China's aluminum production in October was 3.16 million tons, down 2.55% year-on-year. The average daily output was 102,000 metric tons, a month-on-month decrease of 1,600 metric tons per day. The total output from January to October was 32.24 million tons, a year-on-year increase of 5.1%. The production capacity of Shanxi, Henan, and Guizhou declined further due to the curtailment of electricity and production during the heating season. No existing production capacity was restored in October, and no new production capacity was put into production. At the beginning of October, China's operating aluminum production capacity was 37.32 million tons/year, while the installed capacity was 43.75 million tons/year. In October, molten aluminum accounted for 62.2% of my country's total aluminum output, a decrease of 2.4 percentage points from September.

Aluminum output in November is expected to be 3.06 million tons, with an average daily output of about 102,000 tons, and there will be no new cuts in production. With the easing of power curtailment policies in Guangdong, Jiangsu and Henan, consumption will pick up. By the end of November, stocks are expected to fall to around 950,000 metric tons.

SMM data shows that China’s alumina production in October was 6.29 million tons, of which metallurgical alumina production was 6.05 million tons. The average daily output of metallurgical alumina was 195,200 tons, a decrease of 2.2% month-on-month and an increase of 1.8% year-on-year. From January to October, China produced 59.7 million tons of metallurgical alumina, a year-on-year increase of 7.1%. The floods in Yuncheng, Luliang and other areas of Shanxi Province reduced production, and Guangxi's production was basically restored. China’s October alumina net imports were 300,000 tons, and China’s October alumina surplus was about 257,000 tons. It takes 1.925 metric tons of alumina to produce 1 metric ton of aluminum.

As of early November, my country's metallurgical-grade alumina production capacity was 71.43 million tons/year, and the installed capacity was 88.6 million tons/year. SMM will monitor the impact of the North China heating season on local operations. The output of metallurgical alumina in November (30 days) is expected to be 5.9 million tons, and the surplus of alumina is expected to be around 260,000 tons.

China's refined lead production in October was 244,500 tons, down 6.52% month-on-month and down 7.43% year-on-year. Total output from January to October increased by 3.32% year-on-year. The total production capacity of enterprises participating in the survey in 2021 is 5.48 million tons.

Due to intensive maintenance in October, refined lead production fell as expected. Large and medium-sized enterprises such as Shuikoushan in Hunan, Hengbang in Shandong, Jiangxi Copper, Jiangxi Jinde and other large and medium-sized enterprises carried out maintenance. As North China gradually enters the heating season, coal supply is gradually tightening. The Henan smelter will reduce its production by 20-40% after mid-October, and the production limit will be extended by half a month. Although the smelters in Yunnan Mengzi, Xing'an Silver and Lead, and Hunan Jingui have resumed production, their total output still declined.

Refined lead production is expected to increase by approximately 10,000 metric tons to 254,900 metric tons in November. Hunan Shuikoushan, Jiangxi Copper, and Jiangxi Jinde will continue their maintenance in November. But after the power rationing is lifted, the production of large smelters in Henan will resume. Shandong Hengbang, Xing'an Silver and Lead and other smelters will resume production after overhaul, which will help increase production.

According to SMM data, China's recycled lead production in October was 344,200 tons, a decrease of 6.66% from the previous month and a year-on-year increase of 21.18%. The cumulative output from January to October increased by 58.67% year-on-year. At the same time, China's secondary refined lead output in October was 340,900 tons, a decrease of 3.33% from the previous month and a year-on-year increase of 26.13%. The cumulative output from January to October increased by 55.54% year-on-year.

According to SMM research, the output of recycled lead in October was lower than expected, partly due to the suspension of production of large-scale recycled lead smelters such as Anhui Chaowei, Dahua, Huabo, Henan Yongxu, Hunna Jinyi, etc. due to power outages or power cuts caused by energy supply . Out of stock in October. On the other hand, affected by factors such as equipment failures and environmental impact assessments, such companies as Anhui Tianchang, Dadao, Jiangxi Zhenyu, Jiujiang Huijin, Chongqing Deneng, Shanxi Yichen and other companies overhauled that month, which dragged down the overall secondary lead output. Although the electricity curtailment entering November still affects the production of some refineries, with the end of the high-voltage line swap in Taihe Park in Anhui and the weakening of the power limit in Henan and Jiangsu, the overall output is expected to gradually rise. In addition, after the installation of new equipment, Guangdong Hongxing is expected to contribute some additional output. Therefore, the production of lead in November may increase by more than 20,000 tons.

According to SMM data, China's refined zinc output in October was 499,300 tons, a decrease of 12,600 tons from the previous month, a decrease of 2.46% from the previous month, and a year-on-year decrease of 12.29%. The output from January to October was 5.05 million tons, a year-on-year increase of 1.31%.

In the SMM survey sample, the domestic refined zinc smelter produced 73,700 tons of alloy in October, an increase of 741 tons from the previous month.

The SMM survey showed that the decline in domestic refined zinc supply in October was greater than expected, mainly due to temporary reductions in the operating rate of smelters in Inner Mongolia, Henan, Gansu and other places due to power cuts. Production in other regions is in line with the SMM forecast in early October.

In October, the average electricity price in Hunan, Guangxi, and Liaoning was raised by 0.2 yuan/kWh, driving up the cost of zinc production by 700-800 yuan/ton. The rise in the price of auxiliary materials has pushed the metal content cost to 5500-5600 yuan/ton, and the metal content cost of some smelters has risen to 6000 yuan/ton. Judging from the current domestic zinc concentrate TC and zinc prices, some refined zinc smelters are losing 500 yuan/ton.

In the case of a fall in thermal coal prices, SMM will continue to pay attention to changes in the price of electricity and auxiliary materials.

It is estimated that the total refined zinc output in November will increase by 23,300 tons to 522,600 tons over November. The western and northern smelters will be affected by power curtailment, while the power curtailment in Guangxi, Henan, and Hunan has been cancelled. The smelters that stopped production earlier will gradually resume production in November.

It is expected that the output of Yunnan smelter will be reduced by more than 2,000 tons in December, and the output of Jiangxi, Shaanxi, Inner Mongolia and other production areas will further rebound. The production of refined zinc in December is expected to increase by 26,200 tons from the previous month to 548,800 tons. The total output in 2021 will be 6.13 million tons, a year-on-year increase of 0.35%.

China's refined tin production in October was 14,443 tons, an increase of 10.95% over September.

A few smelters have slightly reduced their operating rates due to lack of raw materials, while most smelters have expanded their production with high TC. With the relaxation of electricity rationing, some smelters in Guangxi suspended zinc production to resume tin production. Jiangxi's output was basically flat, and the duration of power cuts at the end of October was relatively short. Production in other regions was basically the same month-on-month. Smelters that have extended power curtailment and environmental inspections may not resume production in the short term.

As there is no expansion plan, the output of refined tin in Yunnan and Jiangxi is expected to be flat in November. Due to the shortage of raw materials, Guangxi's output may be reduced by 700 metric tons. In other regions, under the condition of power curtailment and relaxation of environmental protection controls, output may increase slightly.

The total refined lead production in November is expected to be 13,825 metric tons.

According to SMM data, domestic refined nickel production in October was 14,500 tons, an increase of 1.48% month-on-month, or 212 tons. The average operating rate is 66%. The actual output in October did not decrease, and the output of major refineries in Gansu was relatively stable.

The output of refined nickel in November is expected to remain at around 14,500 metric tons. At present, the production activities of domestic refineries are relatively stable.

According to SMM, the national nickel pig iron (NPI) production rebounded slightly in October 2021, and the nickel content increased by 0.12% year-on-year to 30,720 tons. The chain growth rate is still showing a downward trend compared with previous years. The output of high-grade NPI in October was 25,700 tons (with nickel content), an increase of 2% year-on-year; the output of low-grade NPI was 5,100 tons (with nickel content), which dropped again from the previous month. In October, the power cut and production restrictions eased slightly, and the production of stainless steel plants slowly recovered. However, the production activities of most NPI factories are still greatly suspended or reduced, and production recovery in many places is limited.

In November, domestic NPI production may reach 34,200 tons of nickel content, an increase of 11.28% month-on-month. Among them, the output of high-grade NPI is 28,800 tons (Ni content), and the output of low-grade NPI is 5,400 tons (Ni content). Most NPI factories will gradually resume production in November. Due to the increase in electricity prices in Jiangsu and Guangxi, the curtailment policy will be relatively loose. Shandong will maintain production restrictions. Affected by the Winter Olympics, Hebei's NPI factory will face strict environmental supervision, and local production will remain low. The output of Guangdong and Fujian has rebounded, which will drive the recovery of some NPI output. Therefore, the overall supply and demand may be in a tight balance.

According to SMM data, in October, my country’s nickel sulfate production had a metal content of 29,700 tons and a physical output of 138,000 tons, an increase of 6.29% month-on-month and a year-on-year increase of 74.36%. The production of battery-grade nickel sulfate is 27,900 metric tons. In terms of raw materials for nickel sulfate production in October, self-dissolving nickel briquettes and powders accounted for 51% of the total raw materials used, virgin materials (MHP/MSP/high-grade nickel matte) accounted for about 32%, scrap steel accounted for about 13%, and the rest was coarse Nickel sulfate. Power cuts continued in October, and some manufacturers' output was still lower than normal. Imports of intermediate products have continued to increase recently. And the proportion has also increased from the previous month. Although there is a slight surplus of nickel sulfate, production is still increasing, mainly from precursor plants that use self-dissolving nickel briquettes. However, some non-integrated nickel sulfate plants said in October that the current poor consumption situation will reduce production. In November, with the gradual relief of the power outage, the production of nickel sulfate continued to increase month-on-month. The nickel sulfate market is currently actively hoarding inventories, and it is expected that production cuts due to oversupply have not yet appeared. In November, domestic nickel sulfate production is expected to increase by 2.19% month-on-month and 88.03% year-on-year to 30,300 tons of nickel.

According to the SMM survey, domestic stainless steel production in October totaled about 2.3 million tons, an increase of 799,000 tons from the previous month, an increase of 3.59% from the previous month, and an increase of 19.63% year-on-year. From January to October, my country's total stainless steel output was 27.08 million tons, a year-on-year increase of 12.72%.

In October, production in some areas was still affected by power restrictions, but the power cuts were eased in late October, and stainless steel production increased slightly. The output of the 200 series increased by 39,000 tons, or 6.78%, to 614,000 tons, and the output of the 300 series increased by 56,000 tons, or 4.73%, to 1.23 million tons. The output of the 400 series fell by 14,800 metric tons, or 2.06%, to 456,000 metric tons.

Some steel mills resumed production in November after power rationing was eased. Stainless steel output is expected to increase by 243,000 tons to 2.55 million tons in November. The increase mainly comes from the output of the 300 series. The South China plant resumes production and the North China plant expands. The output of the 200 series will increase slightly while the power rationing in Fujian and Jiangsu has eased, while the output of the 400 series will remain unchanged at about 450,000 tons.

According to SMM data, China's polysilicon production in October was 40,400 tons, a decrease of 3% from the previous month, but a year-on-year increase of 17%.

Affected by the power curtailment in Jiangsu and Inner Mongolia, the output of the month fell. Although the local factory has received a production restriction notice, production in Xinjiang, the largest silicon-producing region, is basically normal.

This week, Tongwei Sichuan's new production capacity was put into operation. Tongwei may have 5 new projects and technological transformation projects into production this year, and it is expected to start production in the first quarter of 2022.

National polysilicon production is expected to rebound to around 42,000 metric tons in November.

According to SMM data, China's industrial silicon production in October was 270,000 tons, a decrease of 1.5% from the previous month, but a year-on-year increase of 15.6%.

Plants in Yunnan, Chongqing, and Inner Mongolia have basically resumed production under power rationing. The operating rate of Gansu and Sichuan also increased after the overhaul. However, the limited power supply in Xinjiang reduced production by more than 10,000 tons, and the total output declined slightly.

Despite power cuts, China's monthly polysilicon production in September and October was about 270,000 tons, which was the same as in August, but lower than expected.

Driven by the recovery of Xinjiang and Fujian production, the national polysilicon production in November is expected to increase to 290,000 tons. The southwest region will reduce production during the low water period in December.

In October 2021, China's production of praseodymium and neodymium oxide (PrNd) was 5997 metric tons, an increase of 3.2% from the previous month. The increase mainly came from Sichuan and Guangdong. Jiangxi's output decreased slightly from September; the output of other regions remained basically unchanged.

With the end of environmental protection inspections, production in Sichuan and Guangxi resumed correspondingly, and output rose slightly. For Jiangxi, there are many reasons for the decline in total output, including power rationing, rising prices of auxiliary materials, and rising power prices. As a result, the output of some separation equipment in October fell by about 30-40% compared to the previous month. Due to the hindrance of the import of ore from Myanmar, some concentrators using medium and heavy rare earth ore in southern China cannot maintain normal production, and the operating rate of some concentrators in Guangxi has dropped below 50%. The separation device with waste as the main raw material has managed to operate normally.

The domestic PrNd output in November is expected to be 5,900 tons, slightly lower than October. Considering that there are still uncertainties in Myanmar's ore imports, the domestic rare earth ore inventory is declining, and a large state-owned enterprise in North China will carry out maintenance. Complete the annual rare earth mining quota.

In October 2021, China's PrNd alloy output was 5,493 tons, a decrease of 2.2% from the previous month, mainly due to the decrease in output in Jiangxi and Zhejiang.

Most of the electricity consumption of metal factories for production activities is 8000-9000 kWh/mt. Compared with separation equipment, they will consume more electricity and suffer greater losses when shutting down the electrolysis furnace. Therefore, compared with separation plants and magnetic materials plants, metal plants are more affected by power rationing. Due to the limited power supply, the output of Jiangxi and Zhejiang declined to varying degrees in October. In October, the price of praseodymium oxide rose as a whole, and the prices of raw materials, auxiliary materials, and electricity all moved on an upward track. Therefore, the cost of metal processing plants remains high, and some companies have to reduce the purchase of high-priced raw materials to reduce financial risks.

Affected by factors such as tight raw ore supply, declining PrNd alloy inventories, short supply of thermal coal during the heating season, and possible continued power curtailment, it is expected that China's PrNd alloy output will decline slightly in November.

According to SMM statistics, China's magnesium ingot output in October was 63,900 tons, an increase of 16.58% month-on-month and a year-on-year decrease of 0.47%. The total output from January to October was 682,700 tons, a year-on-year increase of 7.26%.

According to SMM survey, the output of magnesium ingots rebounded rapidly in October, and manufacturers in major producing areas resumed production. In the same month, Shaanxi’s operating rate was 59%, an increase of 10 percentage points from 49% in September. Therefore, the average operating rate of the magnesium ingot industry in October was 58.77%, a month-on-month increase of 16.58 percentage points and a year-on-year decrease of 14.19 percentage points.

Judging from the current production schedule, with the exception of a few manufacturers that have a November maintenance plan, the overall operating rate on the supply side has stabilized. The domestic output of magnesium ingots is expected to be approximately 63,500 tons in November.

According to SMM statistics, China's magnesium alloy output in October was 17,300 tons, an increase of 12.66% month-on-month and a year-on-year decrease of 44.39%. The total output from January to October was 278,000 tons, a year-on-year increase of 21.58%.

According to the SMM survey, the average operating rate of the magnesium alloy industry in October was 32.08%, an increase of 12.66 percentage points from the previous month and a decrease of 48.16 percentage points from the same period last year.

According to feedback from some magnesium alloy plant salespersons, with the decline in magnesium prices, the backlog of overseas orders due to the sharp rise in magnesium prices in September was delivered in October. In terms of domestic trade, the current magnesium alloy prices of downstream companies are still at a high level. At the same time, with the recent rapid decline in magnesium prices, downstream purchases are generally cautious. Compared with foreign trade, the domestic magnesium alloy market is still weak.

Considering that the overall operation of the magnesium ingot supply side is relatively stable and magnesium prices are gradually returning to rationality, the domestic downstream sector is expected to emerge from the wait-and-see mood. In addition, the fourth quarter is the traditional seasonal high of exports. With the overall recovery in demand, China's magnesium alloy production in November is expected to rebound to 18,000 tons.

SMM data shows that China's magnesium powder output in October was 8,300 tons, an increase of 12.86% year-on-year.

The average operating rate of the magnesium powder industry in October was 46.63%, an increase of 12.86 percentage points from the previous month. Magnesium prices recovered in October, driving some overseas orders for magnesium powder to be shipped. The magnesium powder factory is also actively purchasing raw materials. As a result, monthly production rebounded rapidly.

Looking ahead, magnesium prices are expected to stabilize, which is conducive to the release of downstream demand. It is expected that the output of magnesium powder will continue to rise in November, reaching 9,000 tons.

SMM data shows that China's titanium dioxide output in October was 315,900 tons, an increase of 5.46% month-on-month and a year-on-year increase of 5.32%. The cumulative output from January to October was 3.14 million tons, an increase of 11.82% year-on-year.

In October, the domestic titanium dioxide output rebounded slightly, and the electricity curtailment in Shandong, Guangxi, and Jiangsu eased somewhat. According to feedback from some manufacturers in Guangxi, the power limit has been greatly relaxed, and the local operating rate has rebounded rapidly. However, considering that most of the anatase titanium dioxide manufacturers are located in Guangxi, prices may return to normal after the traditional seasonal highs in September and October ended.

Judging from the current production arrangement, except for a few manufacturers that have a November maintenance plan, the overall operating rate on the supply side has stabilized. The domestic production of titanium dioxide in November is expected to be approximately 313,000 tons.

In October, the domestic production of 1# silver was 1,218.387 tons (including 1051.294 tons of ore silver), an increase of 4.72% from the previous month, which was basically in line with SMM's estimate for September. Production is not affected by the National Day holiday.

The U.S. October ADP employment data increased by 571,000 people, higher than the expected 400,000 people, and a new high since June. The US trade deficit in September also hit a record high, reaching 80.9 billion US dollars, higher than the estimated 80.2 billion US dollars. Favorable data suppressed silver prices. CFTC gold and silver non-commercial net long positions are at mid-to-high levels, and risks continue to accumulate, which also suppressed silver prices in September and October.

Silver prices fell in September and October, and there is limited room for rebound. It is expected that prices will fluctuate in a wider range under the influence of fluctuations in the US dollar index and maintain a downward trend in November.

Falling prices affected spot trading, but production was basically normal. The suspension and resumption of production mainly depend on maintenance plans or power rationing.

The output of lead, zinc and copper in Jiangxi, Shuikoushan in Hunan, Hongda in Zhejiang, Zhongtiaoshan Nonferrous Metals, and Yantai Penghui Copper declined. Some have reduced or stopped production due to maintenance, some have substantially reduced production due to power cuts, and some have temporarily stopped production due to equipment failures.

Shaanxi Nonferrous Metals, Yubei Gold Lead, Hongqian Nonferrous Metals and other companies have not resumed work due to insufficient raw materials.

After the resumption of work, the output of Zhongbo, Yuntong, Jiangxi Longtianyong, Mengzi Mengzi Mining and Metallurgy, and Gejiu Lianxing increased significantly, which drove the increase in total silver output in October.

At present, the supply of silver-containing materials, including anode slime, is still tight, and the pricing coefficient has not changed much. The national silver output is expected to increase slightly in November.

SMM data shows that in October 2021, the domestic molybdenum concentrate output was 19,020 tons, down 2.63% month-on-month.

The output is slightly lower than a month ago. According to SMM, the main reason for the decline in output was the weakening of terminal demand for ferromolybdenum, which further suppressed the domestic molybdenum market. The price of molybdenum concentrate has also fallen, making downstream ferro-molybdenum and metal molybdenum producers more cautious in purchasing raw materials. Some molybdenum mining enterprises reduced production accordingly.

The domestic production of ferromolybdenum totaled approximately 13,950 tons in October, down 410 tons or 2.86% from the previous month.

Due to the price drop, ferromolybdenum companies continued to restrict production in October. According to the SMM survey, the bidding volume of steel plants in October was about 5,000 tons, a decrease of 43% from the previous month. Traders are eager to ship, and most ferromolybdenum producers only accept back-to-back orders. The operating rate of the entire ferromolybdenum line in Liaoning has dropped significantly.

Ferro-molybdenum production companies in Liaoning, Henan and other regions have also reduced their production due to power curtailment, while ferro-molybdenum production companies in Beijing and Tianjin have also reduced their operating rates due to frequent environmental inspections before the Winter Olympics.

The price of ferromolybdenum was still in a downward trend in October, especially in the case of weakening demand, steel mills forced to lower the tender price at the end of the month.

It is expected that the national ferromolybdenum production will further decline in November. However, in the case of weak demand and strong bearish sentiment, manufacturers are unwilling to produce, so downside space is limited, and production will be arranged according to orders. However, most factories are already producing on-demand, so further declines in output will not be significant.

China's cobalt sulfate production in October was 5799 tons of metal content, an increase of 9% month-on-month and a year-on-year increase of 42%. In October, some manufacturers increased the use of self-produced cobalt sulfate to produce ternary cathode precursors. At the same time, prices have risen overall, and the premium of comprehensive cobalt sulfate relative to cobalt chloride has prompted more manufacturers to increase the output of cobalt sulfate. This situation is expected to continue into November. Cobalt salt companies tend to produce more cobalt sulfate and less cobalt chloride. However, the current curtailment has little effect on the production of cobalt salt companies. China's nickel sulfate production in November is expected to be 5,979 tons, an increase of 3% month-on-month and a year-on-year increase of 39%.

my country’s lithium carbonate output in October was 19,792 tons, an increase of 1% month-on-month and a year-on-year increase of 40%. Electricity rationing in Jiangsu and Shandong has basically ended, and local production activities have returned to normal. The output of lithium carbonate refined from spodumene increased significantly by 11%. Affected by the low temperature in October, Qinghai's production fell by 10% month-on-month, resulting in a sharp drop in local inventories. Although the number of queries in November has increased. The slight decrease in the output of lithium extraction was mainly due to the power cut at the end of October. The output in Jiangxi was 4% lower than that in September. It is estimated that the total output of lithium carbonate in November will reach 20,115 tons, an increase of 2% month-on-month and a year-on-year increase of 30%. This is mainly due to the increase in production of some new production lines. However, the output in Qinghai will further decline and the curtailment of electricity will bring more to the overall production. Lots of uncertainty.

In October, China produced 38,879 tons of ternary cathode materials, an increase of 4.7% month-on-month and a year-on-year increase of 54%. On the supply side, the impact of power rationing in Hunan has eased since October. Most companies resume normal production after the National Day holiday. The impact of power outages in Jiangsu, Guangdong, and Zhejiang is relatively small. The production capacity of most ternary cathode material companies has recovered, and the expansion of some companies has achieved results. Therefore, the total output increased. On the demand side, orders for high-nickel ternary materials from major battery companies have remained stable, while other domestic and foreign battery companies have slightly increased demand for high-nickel materials, and overall demand has risen. The demand for 5 series and 6 series ternary materials in the power battery market is still growing, and the overall demand has also increased. Looking forward to November, the market demand for power batteries is still improving; power curtailment is basically over; the production capacity of manufacturers is restored, and new production lines are put into operation. Therefore, the output in November is expected to be 41,675 tons, an increase of 7.2% month-on-month and a year-on-year increase of 47%.

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