China’s steel output rise by 10pc on the year in June
China's crude steel output in June rose by 10pc from a year earlier to 87.53mn t as Tangshan's pollution restrictions started too late in the month.
June output was lower by 1.8pc from 89.09mn t in the previous month, according to the national bureau of statistics. The decrease was mainly because June had one less day than May.
Daily output in June rose by around 1.7pc to 2.92mn t/d from 2.87mn t/d in May, and by about 3pc from 2.83mn t/d in April.
China's crude steel output increased to record levels in the first half of the year as looser enforcement of winter output cuts, spring construction demand and high profit margins kept blast furnace operating rates at a high level.
The higher steel output has weighed on rebar prices into the summer off-season for construction, reducing mills' gross profits for rebar to around 150 yuan/t ($22/t). Rainy weather in east and south China has further depressed demand.
January-June crude steel output was higher by 9.9pc from a year earlier at 492.2mn t, while finished steel output in January-June increased by 11.4pc on the year to 586.9mn t. Combined pig iron output was up by 7.9pc from a year earlier to 404.2mn t.
source: Argus Media
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