SHANGHAI, Apr. 19 (SMM) – China’s crude steel output hit a new monthly record high in March, according to official data.
According to China’s National Bureau of Statistics (NBS), China produced 70.65 million tonnes in March, up 2.9 percent on a yearly basis, a new record high.
What factors are behind the record monthly output?
“Price gains in steel market have created profits for domestic steel mills, a major reason behind their high production enthusiasm,” SMM steel analyst says.
Recently, weekly gains of steel price have hit 400-500 yuan per tonne in north and west China, and prices in several regions have exceeded the peak seen in early 2015, according to SMM data.
In April, China’s crude steel output is expected to refresh a new high, SMM estimates.
According to NBS, output of pig iron and finished steel was 60.20 million tonnes and 99.23 million tonnes in March, up 2.2% and 3.3%, respectively, year-on-year. Finished steel output also hit a new record high in March, according to the data.
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