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Chinese crude steel output hits record in June

According to data from the National Bureau of Statistics, China’s daily crude steel output hit a fresh record in June at 80.2 million tonnes down 1.1% MoM from May’s record 81.13 million tonnes, but June has one less day. Daily average production in June hit 2.67 million tonnes, higher than May’s record of 2.62 million tonnes. For the first half, China’s steel output of 451.16 million tonnes rose 6% YoY from 419.75 million tonnes in same period last year.
Chinese steel mills are pumping at full throttle to gobble as much of the profits as they could despite environmental checks. Chinese analysts are pegging profit margins at CNY 800-1000 per tonne (USD 120-150)
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