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China’s daily crude steel output up by 1.1%
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According to statistics released by the China Iron and Steel Association (CISA), China’s daily crude steel output totaled 1.97 million ton in the first 10 days of August, up rising by 1.1% from 1.947 million tons in ten days earlier.
This is belying market expectations for a modest fall, as many steel mills resumed production after a round of brief maintenance in mid-July.
An industry analyst in Shanghai said that amid fears of losing market share and urging by local governments to maintain economic growth as well as the rapid fall in iron ore prices, steel mills are reluctant to cut production in a big way.
Last Thursday, CISA said that the steel prices would stay weak in the following few months due to oversupply and high inventories, which would offset a forecast rise in demand in spite of Chinese government’s policy to boost economic growth.
News Date
8/20/2012 8:59:33 AM
reported by
Raul Lee
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