Key steelmakers in China reigned steel production as exports slow down. China’s crude steel output in early-August rose by 5.14pc to 2.153mn mt from the prior year period, but fell by 0.87pc from late-July. China output had increased 11.65pc in late-July from the year ago period.
China’s steel products output in early-August increased by 4.95pc to 1.998mn mt from the prior year period, but fell by 8.30pc from late-July. Pig iron output rose by 5.39pc from the prior year period and dropped by 0.65pc from late July.
|China’s average daily output in early-August|
Key steelmakers produced 21,53mn mt of crude steel, 19.17mn mt of pig iron and 19.98mn mt of steel products in early-August period, as per CISA, which compiles production data from around a hundred statistically significant steel producers across China.
China produced 29.90mn mt of crude steel in the first week of August, up 5.8pc from the prior year period, according to CISA estimates. Production of steel products was 36.79mn mt, a growth of 10.31pc from the prior year period, while pig iron production increased 9.11pc to 25.28mn mt during the week.
Steel products inventories at key producers in early-August stood at 13.99mn mt, up by 6.55pc or 860,300mt from late-July and up 46.78pc from the start of the year.