China’s crude steel output up 2.7% in early August

China’s crude steel output increased in early August due to higher prices of finished products.

The country produced 2.14 million tpd of crude steel during the first 10 days of the month, up 2.7% from late July, according to estimates released by China Iron & Steel Assn on Tuesday August 20.

Output of Cisa members – mainly medium-sized and large steel mills – saw a bigger increase of 5.5% from late July to 1.76 million tpd during the same period.

Domestic steel prices have been rallying since mid-June, with rebar prices in eastern China up 12.8% since then to 3,520-3,710 yuan ($571-602) per tonne on August 16.

Chinese steelmakers’ inventory stood at 12.16 million tonnes as at August 10, down 1.5% from ten days earlier.