China’s crude steel output hit a record high in Jul on strong demand

Chinese steel mills collectively churned out 93.36 mn t of crude steel in Jul ’20, hitting a new high. The previous set milestone was 92.27 mn t in May ’20. The reopening of the economy with a stimulus package after lock-down and decent demand in the domestic market resulted to increase in output. On a monthly basis, the output was up by 2%, while on a yearly basis, it increased by 10% against 85.22 mn t in Jul ’19.