China's Crude Steel Output Hits 9 Month-Low in Nov’19
As per the recent data released by Chinese customs, nation’s crude steel output hit 9-months low and stood at 80.29 MnT in Nov'19. Previous lowest crude steel output was recorded at 74.58 MnT in Feb' 19.
On monthly basis nation’s crude steel output inched down by 2% when compared with 81.52 MnT in Oct’19. Also amid frequent announced production cuts in turn leads to drop in crude steel output since Sep’19.
Nation’s production volumes started dwindling on the back of stricter production restrictions announced by Tangshan government.
During the first eleven months (Jan-Nov) CY'19, the nation's crude steel production volumes stood at 908.61 MnT increase by 6% as compared to 853.38 MnT in the similar time frame of CY'18.
Outlook - China’s top steel making city - Tangshan has issued a notice to re initiate the grade II emergency response to heavy polluting weather, as the city declared a level 2 pollution emergency. The government imposed output restrictions on the steel production firms and ordered them to indefinitely suspend iron ore sintering and partially reduce steel output as of 13 Dec’19. However on the other hand, following hike in steel prices and improved margins it would be interesting to see if mills raise steel output in Dec'19.
source: SteelMint
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