China produced 93.88 million tonnes (mn t) of crude steel in June’21, as per data released by the National Bureau of Statistics. Production volumes decreased by 6% against 99.45 mn t in May’21.
Production inched down m-o-m due to the following factors:
- Security concerns around the centennial celebrations of the Chinese Communist Party restraining market activities for about a couple of weeks.
- Tangshan’s provincial government putting restrictions on steel production ahead of the CCP’s centennial celebrations to ensure clear skies.
- Export rebate of 13% getting revoked on certain products and lack of clarity on the government’s announcement on a levy of export tax.
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