China's daily crude steel output reached 2.56 million tonnes in April, it is the highest in at least 4 years, as mills boosted production to take advantage of high margins after the end of winter output curbs. Overall steel output in the world's top producer climbed to 76.7 million tonnes in April, up 3.7% from March and up 5.4% from April a year ago, according to data from the National Bureau of Statistics (NBS).
Analysts have said that higher output was the main reason behind an increase in steel exports in April, despite hefty tariffs slapped on by the United States and high steel prices. The record output came even after Beijing phased out 150 million tonnes of excess steel capacity and 120 million tonnes of low-grade steel capacity in the past five years. It plans to shut another 30 million tonnes by the end of this year. "The market already has a consensus that capacity cutting is not equivalent to output reduction. Production at steel mills is unlikely to fall unless new environmental policy comes out." said analyst at Sinosteel Futures. (Reuters)
Sources:Arrow
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