September 09, 2024 06:27 GMT
MNI BRIEF: China Steel Output Down In August
Chinese steel production has decreased.
MNI (BEIJING) - China's daily crude steel production decreased 6.3% m/m to 1.96 million tonnes in August, a 1.3 percentage points expansion from June-July, but down 8.3% year-on-year, Lange Steel Research Group reported on Monday, citing statistics from the China Iron and Steel Industry Association.
Ge Xin, researcher at Lange Steel, said the steel market was clearly affected by insufficient demand and sustained losses, with a weak outlook in the short term.
Sliding Chinese iron ore prices should stabilise around USD80-90 a tonne within the year, as steel demand rebounds during the September-October peak season, local analysts told MNI. (See MNI: China Iron Ore, Steel To Stabilise On Demand Rebound)
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