China: Crude Steel Output Inch Down After Hitting Record High
After observing increase in last 9 months, China’s steel output has fallen in August.
According to National Bureau of Statistics (NBS) China’s crude steel output inch down marginally by 1% M-o-M in Jul’18 to 80.33 MnT which was 81.24 MnT in Jun’18 after recording high levels in last three consecutive months amid restrictions to prevent emissions in Tangshan region.
Also result of power shortage, some steel mills in the Hebei province were ordered to curb their operations in the month of Aug’18.
Thus China’s crude steel output has been on rising trend since Dec’17, however in August production has come down amid restrictions.
However on yearly basis country’s crude steel output grew by 8% in Aug’18 which was 74.59 MnT in same month of previous year.
Meanwhile during first eight months of CY18 (Jan-Aug)’18 China’s crude steel output stood at 613.17 MnT in Jan-Aug’18 as compared to 566.41 MnT corresponding time frame of previous year.
In the month of Aug’18 domestic HRC prices on an average basis stood at RMB 4,338/MT higher by 7% against RMB 4,051/MT in Aug’17,Thus higher steel prices along with healthly profits results to surge in crude steel output on yearly basis.
source: SteelMint
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