SHANGHAI, May 11 (SMM) - The pig iron output loss from blast furnace maintenance decreased 1.54 million mt or 37% MoM in April. As of April 28, a total of 10 blast furnaces were resumed, with daily average pig iron output of 44,100 mt, while 16 blast furnaces were put under maintenance, with daily average pig iron output of 54,400 mt. 13 out of the 16 blast furnaces began maintenance in late April, with daily average pig iron output of 41,100 mt.
Steel prices rose in March thanks to demand recovery and stayed at highs in early April. However, demand softened with the passing of peak season and completion of property projects. As a result, steel mills shifted from meagre profits to losses. In late April, Shanxi province required local steel mills to cut production in an attempt to alleviate their inventory pressure. Investment and industrial production declined month-on-month. This, coupled with growing fears of US interest rate hike, caused steel prices to fall more sharply than raw material prices. Expanding losses drove more steel mills to carry out maintenance.
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