As per the latest customs data released by Chinese government, country’s crude steel output has registered a fall of 3.84% in Jul’16 against previous month. The same is recorded at 66.80 MnT in July against 69.47 MnT in June.
This drop in crude steel production indicates country’s efforts to address chronic glut. Market sources believe that further drop in production is also possible in the upcoming months, as more mills have planned to shut down their production, as a part of first ever restructuring in China’s steel sector in last two decades.
If Y-o-Y comparison is done, China’s crude steel output has registered an increase of 1.46% against Jul’15.
In first seven months of 2016, China’s crude steel output stands at 468.52 MnT, down by 1.09% against corresponding period of previous year.
Over the first seven months of the year China exported 67.4 million tonnes of steel, up 8.5% from the same period last year.
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