China’s August crude steel output slumps with curbs
The National Bureau of Statistics said crude steel production at 83.24 million tons in August was down 4.3% from July and down 13.2% from a year earlier. Average daily production decreased by 4% to 2.69 million tons/day from 2.8 million tons/day in July and by 14.1% from 3.13 million tons/day in June.
January-August crude steel output rose by 5.3% from the same period last year to 733mn t.
Finished steel output in August fell by 10.1% to 109mn t from a year earlier. Pig iron output fell by 11.1% to 71.53mn t over the same period.
China’s steel exports fell to their lowest level in August 2021, as mills were ordered to keep exports steady at 2020 levels and export taxes were raised in May and August to divert steel supplies to China.
Tighter steel supplies drove steel prices up from August. Argus Shanghai rebar ex-warehouse prices increased by 350 Yuan/t or 6.8% during 3 August-14 September. Argus Shanghai hot-rolled coil prices increased by Yn100/t or 1.8% over the same period.