China Daily Crude Steel Output Hits Intra-year High in June, Association
[2009-07-13]
China's crude steel output was estimated to reach 45.39 million tons in June, which could be translated into a daily output of 1.51 million tons, hitting a peak this year, according to the latest report by the China Iron and Steel Association (CISA).
The country's crude steel output in the last ten days of June was estimated at 15.19 million tons, including 11.94 million tons from the large- and mid-sized steel enterprises, CISA report showed.
Since March, China's daily average steel output has kept increasing steadily along with the recovery of the steels market, and topped 1.5 million tons in June.
Stimulated by the recovering demand, steel enterprises' price adjustment as well as the rise of raw materials cost, prices of major steel products have kept rising persistently.
In Shanghai, the rebar price now stays at 3,780 yuan/ton and the price of hot-rolled steel products at 3,670 yuan/ton, up 21.9 percent and 18.8 percent, respectively, from the valley in April.
Currently, steel enterprises are active in purchasing, which will lay foundation for their operating rate.
However, Hu Yanping, an analyst with Umetal said that in the face of the traditional slack season for steel consumption in summer, major steel products have seen their prices lack a solid support for a further rise, and their stocks go down with a slower pace.
Wuhan Iron & Steel Co. has raised its August steel products prices by 200-500 yuan/ton. Meanwhile some other steel makers also have lifted their ex-factory prices for next month.
Data from the CISA show that the 72 Chinese large- and mid-sized steel enterprises made 1.26 billion yuan of profits in May after seven-month losses.
The country's crude steel output in the last ten days of June was estimated at 15.19 million tons, including 11.94 million tons from the large- and mid-sized steel enterprises, CISA report showed.
Since March, China's daily average steel output has kept increasing steadily along with the recovery of the steels market, and topped 1.5 million tons in June.
Stimulated by the recovering demand, steel enterprises' price adjustment as well as the rise of raw materials cost, prices of major steel products have kept rising persistently.
In Shanghai, the rebar price now stays at 3,780 yuan/ton and the price of hot-rolled steel products at 3,670 yuan/ton, up 21.9 percent and 18.8 percent, respectively, from the valley in April.
Currently, steel enterprises are active in purchasing, which will lay foundation for their operating rate.
However, Hu Yanping, an analyst with Umetal said that in the face of the traditional slack season for steel consumption in summer, major steel products have seen their prices lack a solid support for a further rise, and their stocks go down with a slower pace.
Wuhan Iron & Steel Co. has raised its August steel products prices by 200-500 yuan/ton. Meanwhile some other steel makers also have lifted their ex-factory prices for next month.
Data from the CISA show that the 72 Chinese large- and mid-sized steel enterprises made 1.26 billion yuan of profits in May after seven-month losses.
Source: chinamining.org
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