Steel Yourself: China's Daily Output Sets New Record

Bloomberg: China’s Record Daily Steel Output Bodes Ill for Export Rivals
Crude steel output over the month rose 0.5 percent to 69.42 million metric tons from a year earlier, the National Bureau of Statistics said on Saturday. The gains came after mills ramped up production to take advantage of a spurt higher in prices that has given them the best profits this decade.

While below March’s record monthly figure of 70.65 million tons, the daily rate of 2.314 million tons was higher due to fewer producing days and surpassed the previous best set in June 2014.

“Given how high margins went, we’ve been expecting to see a supply response like this,” Ian Roper, Singapore-based analyst at Macquarie Group Ltd., said in a WeChat message. “Chinese mills will likely look back to the export market as domestic oversupply reappears.”

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