China's daily average daily crude steel output reached 81.13 million tonnes (mt) in June, or 80.2 million mt for the whole month, a fraction less than the 81.13 million mt produced by the US in 2017, according to World Steel Association data. Analysts are attributing the increase to bumper profit margins, which have been estimated at CNY800 ($119.50) per mt to over CNY1,000, the highest ever recorded, and producers racing to make more products before another round of production curbs. The increase in production led to utilisation rates rising 1.6% in June to the highest since October.
China's daily average daily crude steel output reached a record 2.67 million metric tonnes (mt) in June, or 80.2 million mt for the whole month, a fraction less than the 81.13 million mt produced by the US in 2017, according to World Steel Association data. Analysts are attributing the increase to bumper profit margins, which have been estimated at CNY800 ($119.50) per mt to over CNY1,000, the highest ever recorded, and producers racing to make more products before another round of production curbs. The increase in production led to utilisation rates rising 1.6% in June to the highest since October.