Chinese crude steel production has rebounded back to 2m tonnes per day, reported China Iron and Steel Association (CISA).Production remains high as most of the state owned mills did not cut production in April and May.
Though market experts state that production generally goes down during July and August as summer starts in China and electricity consumption also moves up.”Price rise in Chinese steel market is not very strong, Euro crisis and high production will certainly weigh on prices in coming weeks.” said a steel analyst based in Hong Kong.
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