China April steel output keeps steady pace

23 May 2009 | 07:12 Code : 19173 Geoscience events
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Alibaba reported that China’s crude steel production held relatively steady at...

Alibaba reported that China’s crude steel production held relatively steady at 43.41 million tonnes in April from March reflecting limited cutbacks in output despite slower economic activity in the world’s largest steel-making country.The National Bureau of Statistics said monthly crude steel output in April fell 4% from a month earlier, but on a daily basis production was at 1.447 million tonnes compared with 1.455 million tonnes in April.The official data showed that production of hot rolled coil considered a high value added product fell 35% in April from March, while output of reinforcing bars used in infrastructure and construction, rose slightly.Mr Hu Yanping analyst at consultancy Umetal.com said the official nationwide statistics, along with the output data in major steel mills provided by the China Iron and Steel Association, showed that production rates at medium and small sized firms increased further in April.Mr Hu said "Such high production will weigh on prices in the near future as the economy and demand have not yet bottomed out despite some bullish signs from the government’s support plans."Analyst Mr Henry Liu at Macquarie Bank said "Some steel mills are adjusting the structure of their products, cutting volume of unprofitable products, although they keep the blast furnaces running."


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