TEHRAN, March 14 - China’s daily steel output in January and February rose to its highest since October, according to Reuters calculations based on data released on Wednesday, even as Beijing cracked down on output due to its war on winter smog.
TEHRAN,Young Journalists Club (YJC) -China’s daily steel output in January and February rose to its highest since October, according to Reuters calculations based on data released on Wednesday, even as Beijing cracked down on output due to its war on winter smog.
Mills in the world’s top producer produced 136.82 million tonnes of crude steel in January-February, up 5.9 percent from a year earlier, data from the National Bureau of Statistics (NBS) showed on Wednesday.
The January-February volume compares with 67.05 million tonnes of crude steel produced in December.
The bureau did not publish a monthly breakdown.
Daily output was 2.32 million tonnes, up 7.4 percent from December and cup from 2.2 million a year ago, according to Reuters calculations.
Steel mills increased production on expectations of a seasonal pickup in demand after the Lunar New Year holiday and to take advantage of bumper profits due to higher metal prices, even though the country ordered mills in 28 cities to cut output between mid-November and mid-March to fight air pollution.
Qiu Yuecheng, analyst at steel trading platform Xiben New Line E-commerce in Shanghai, said the output was higher than expected.
“Mills are ramping up to production driven by solid profits,” said Qiu.
Source: Reuters
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