China Feb steel output hit 54.31 million tons
Global leader in steel, China said its daily crude steel output rose 0.5 percent from January to a record high of 1.94 million tons in February.
According to official data from China's National Bureau of Statistics, the country produced a total of 54.31 million tons of crude steel in February, up 9.7 percent from the same month last year.
The statistics bureau also said China produced 63.54 million tonnes of steel products in February, down from 97.84 million tonnes in December.
Iron ore output in February reached 72.45 million tonnes, down from 73.79 million tonnes in January and 98.21 million tonnes in December.
Analysts said steel prices in China have been on the decline after hitting a peak in early February, with the industry blaming long-standing overcapacity problems as well as uncertainties about demand.
The statistics bureau also said China produced 63.54 million tonnes of steel products in February, down from 97.84 million tonnes in December.
Iron ore output in February reached 72.45 million tonnes, down from 73.79 million tonnes in January and 98.21 million tonnes in December.
Analysts said steel prices in China have been on the decline after hitting a peak in early February, with the industry blaming long-standing overcapacity problems as well as uncertainties about demand.
PT_source: commodityonline.com
