Chinese Crude Steel Output Shrinks by 3% in Jul’19
As per data released by National Bureau of Statistics (NBS) China’s crude steel output reduces by 3% on monthly basis to 85.22 MnT in Jul’19 in comparison with 87.53 MnT in Jun’19.
Announcement of production cuts to tackle over-capacity by Chinese govt has resulted to decline in nation’s monthly crude steel output in Jul’19.
Meanwhile as per market reports demand in China’s domestic market has remained seasonally weak over subdued demand from major steel consuming sectors. Thus increase in stocks with traders led to HRC prices remain under pressure both in domestic and overseas market.
However nation’s churned out crude steel volume in Jul’19 higher by 5% as compared with 81.24 MnT same time a year ago.
Meanwhile in Jan-Jul’19 nation’s crude steel output stood at 576.78 MnT up by 8% which was 532.03 MnT in similiar time frame of previous year.
Further the Chinese provincial government has announced tighten production curbs in the month of August.
source: SteelMint
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