Record Steel Output in March

Reuters: China March steel output climbs to highest on record
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 tackle smog.

Beijing's crackdown has mainly targeted low-grade products like rebar, used mostly for construction.

Rising inventory levels and recent falls in the prices, though, suggest output has been growing faster than China's actual demand.

The most-active steel rebar futures prices were down 1.15 percent at 2,918 yuan ($423.90) per tonne at 0243 GMT, on track for a 7.8 percent drop in April, their worst monthly performance since May last year.

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