National Bureau of Statistics latest data showed that China produced 80.33 million tonnes of crude steel in August 2018, down 1.1% MoM from a record 81.24 million tonnes in July, but still up 7.7 YoY from 74.59 million tonnes in the August 2018. Daily average output in August dipped from the previous month to 2.59 million tonnes. For the first eight months of the year, China’s steel output increased 5.8% YoY to 617.4 million tonnes.
The city of Tangshan, China’s No 1 steelmaking hub, ordered steel mills to cut output capacity by 30 percent to 50 percent over six weeks from July 20 to August 31. Utilisation rates at blast furnaces at steel mills across China fell to as low as 66.16 percent in mid-August, according to data compiled by Mysteel consultancy, a level not seen since early April.
Source : STRATEGIC RESEARCH INSTITUTE, STEELGURU
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