Chinese Crude Steel Output Hits Record High in May’19
As per the recent data released by NBS (National Bureau of Statistics), Chinese crude steel output records new high in May’19 at 89.09 MnT.
Nation’s crude steel output clocked almost 4 years high in May’19, since data maintained with SteelMint.
On monthly basis China’s crude steel production increased by 5% in May’19 to 89.09 MnT which was 85.03 MnT in Apr’19.
Absence of strict production curbs in summer season resulted to surge in nation’s production volume. Meanwhile, increased profit margins along with robust demand from construction, infrastructure and real estate sector motivated steel mills to increase production.
However in mid-May Chinese steel prices started to tumble amid volatile futures along with intensifying trade tension between USA and China; this led to bearish sentiments in nation’s domestic and overseas market.
On yearly basis nation’s crude steel output ascended by 10% in May’19 against 81.13 MnT in same month of previous year.
During first five months of CY’19 (Jan-May) China’s crude steel output stood at 404.03 MnT witnessed an increase by 9% which was 370.6 MnT in similar time period of previous year.
Outlook for Jun’19- Hike in iron ore prices due to supply disruptions from Vale owned Brumadinho Dam resulted in lower profit margins of steel mills which may curtail output in upcoming months.
source: SteelMint
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