MNI BRIEF: China July Daily Crude Steel Output Down
MNI (MNI (BEIJING)) - China’s daily crude steel output averaged 2.68 million tonnes in July, down 12.4% from June, according to Mysteel calculations based on official data released on Thursday.
Mills reduced output and increased maintenance to deal with falling profits caused by lower demand and prices, Mysteel said.
China's crude steel production overall fell 9% to 82.9 million tonnes in July, bringing overall output to 613.7 million tonnes so far this year, 2.2% lower y/y, National Bureau of Statistics data released earlier on Thursday showed.
Chinese steel rebar prices are likely to stage only a partial recovery in the second half after sliding to CNY3,275 per tonne from CNY3,996 in January as construction and infrastructure work declines, with a risk of further falls if output controls lead to gluts of iron ore and coal, local analysts recently told MNI. (See CORRECTED-MNI: China H2 Steel Outlook Subdued)