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Chinese crude steel output in March hits all time high of 70 million tonnes
Add Time：2016-04-19 19:45:00 Clicks：
According to data from the National Bureau of Statistics on Friday, China's crude steel output hit a record high of 70.65 million tonnes in March, data showed on Friday, as a rally in steel prices and a seasonal pick-up in demand encouraged metal mills in the world's top producer to boost production. Steel output rose 2.9 percent from a year ago, beating market expectations, although total output in the first quarter was down 3.2 percent at 192.01 million tonnes
Mills increased production last month in response to restocking by steel users that has helped drive up domestic prices by 34 percent this year.
Mr Kevin Bai, a Beijing-based researcher at consultancy CRU Group, said “It’s normal to see higher output in March, but this is a significant increase. Right now, the mills are making money. The market is still relatively tight and this has encouraged some producers to return.”
But, HSBC Holdings PLC analysts said in a note on Thursday that the steel rally would soon end as Chinese mills lift output and traders end a flurry of restocking
Mills increased production last month in response to restocking by steel users that has helped drive up domestic prices by 34 percent this year.
Mr Kevin Bai, a Beijing-based researcher at consultancy CRU Group, said “It’s normal to see higher output in March, but this is a significant increase. Right now, the mills are making money. The market is still relatively tight and this has encouraged some producers to return.”
But, HSBC Holdings PLC analysts said in a note on Thursday that the steel rally would soon end as Chinese mills lift output and traders end a flurry of restocking