China August steel output up 3% on prior month – stats bureau
China’s crude steel output rose 3% in August compared with a month earlier, as steel mills eyeing better demand resumed operations.
The world’s top steelmaker churned out 83.87 million tonnes of the metal last month, according to data from the National Bureau of Statistics on Friday, up from 81.43 million tonnes in July.
Production also rose 0.5% compared with the same month a year ago, despite soaring temperatures that reduced construction activity in some areas.
August’s average daily output was 2.71 million tonnes, according to Reuters calculations, compared with an average of 2.63 million tonnes in July.
Some Chinese steel mills shut down blast furnaces in the second quarter as iron ore prices soared, while domestic demand for the metal slumped due to troubles in the country’s giant property sector.
However many mills restarted during August ahead of what is normally the peak construction season in September and October.
Steel output in the first eight months of the year came to 693.15 million tonnes, down 5.7% on the same period last year, the data also showed.
Source: Reuters (Reporting by Dominique Patton; Editing by Shri Navaratnam)