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China’s steel output hits new record in July

Argusmedia - China's crude steel output hit a record high last month on strong domestic demand, following the end of the rainy season in mid-July.

The country's crude steel output totalled 93.36mn t in July, up by 1.9pc from June and by 9.1pc from a year earlier, national bureau of statistics data show.

Crude steel output on a t/d basis declined by 1.3pc to 3.012mn t/d from 3.053mn t/d in June.

Total production over January-July rose by 2.8pc from a year earlier to 593.17mn t. The July output is equivalent to 1.099bn t/yr.

The higher steel output came on the back of robust downstream demand, with hot-rolled coil prices in Shanghai rising by 230 yuan/t ($33/t) over the course of July to Yn3,950/t ex-warehouse. Shanghai rebar prices increased by Yn90/t to Yn3,620/t ex-warehouse during the same period.

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