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China's June daily crude steel output reaches second highest in record
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It is reported that China’s crude steel output in June was at 60.21 million tons, up by 0.6% year on year. The average daily output was at 2 million tons, hitting second highest in record.
In the first half of this year, the country’s crude steel output rose by 1.8 % year on year to 357.2 million tons.
Economic slowdown in China hurt steel demand in first half this year, but steel mills in China have kept high utilization rates throughout June in a bid to maintain the thin profits.
Besides, the steelmakers expected better profits in June as they purchased cheaper iron ore in May.
However, the steel mills will reduce the run rates in July and August due to a pickup in iron ore coast and weak demand in summer months, but the huge capacity is likely to limit this space.
News Date
7/16/2012 8:49:23 AM
reported by
Raul Lee
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