China March steel output climbs to highest on record

17 Apr 2017   China

China’s steel output rose 1.8 percent in March to a monthly record of 72 million tonnes, stoking worries of a glut that continues to grow even as Beijing tries to rein in excess capacity in the bloated sector and demand remains flat. March’s monthly total easily beat the previous record of 70.65 million tons hit in March 2016, data from the National Bureau of Statistics showed on Monday. In the first quarter, production totaled 201.1 million tons, up 4.6 percent from the same period a year earlier, the data also showed. The growing production as Chinese mills bid to profit from prices that soared in 2016 and into this year are undermining the government’s years-long push to cut capacity to make the steel industry more efficient and […]

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