China’s crude steel production rose to 93.88mn mt in June, up by 1.5pc from a year ago, but the daily average output was reined at 3.129mn mt, down by 2.45pc from May. In H1, crude steel production increased to 563.33mn mt, up by 11.8pc from the prior-year period, according to China’s National Bureau of Statistics.
Chinese authorities are determined to lower steel output in the second half of 2021. In early July, the daily steel output of CISA member steelmakers fell more than 5pc for the second consecutive 10-day period to 2.137mn mt.
In June, pig iron output fell to 75.78mn mt, down by 2.7pc from the prior June at an average daily output of 2.526mn mt. In H1, pig iron output increased by 4pc from prior H1 to 456.38mn mt.
At an average daily output of 4.024mn mt, finished steel output in June rose by 3pc from the prior year to 12,072mn mt. Steel output in H1 grew by 13.9pc from prior H1 to 698.31mn mt.
Slow domestic consumption and strong regulations to cut production ahead of the centennial day celebration forced steelmakers to lower steel output. It also impacted steel trade in June, with China’s finished steel exports rising to 6.458mn mt, up by 74.5pc from a year ago, while imports down by 33pc to 1.252mn mt.