Steel Prices: China’s Steel Output Reaches Another Record
China’s steel production hit another record in August, as steel producers ramped up their output due to improving margins and an expected environmental crackdown on output later in the year.
According to the country’s statistics bureau, crude steel output climbed to 74.59 million metric tons in August, surpassing the previous peak of 74.02 million reached in July. The August measure is an all-time high for the month, but it is still below June’s production.
China’s steel demand has rallied this year, while it was previously expected that it would slow down later in the year as the country’s government-backed stimulus programs came to a close, China’s economic growth has continued, sparking increased demand for steel.