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China’s crude steel output hits record in early March

Keywords: Tags  China, crude steel output, Cisa, NBS, steel production

SHANGHAI — China’s crude steel production averaged a record 2.08 million tonnes per day in the first 10 days of March despite a downbeat steel market.

The early March output, up 2.5 percent from late February, was 1.7 percent above the previous high of 2.045 million tonnes per day in early May 2012, according to the China Iron and Steel Association (Cisa).

But National Bureau of Statistics data put Chinese crude steel production at 61.83 million tonnes last month, or 2.208 million tonnes per day.

"The discrepancy between Cisa’s estimates and NBS’ data only puts the figures into question," a Shanghai trader said.

While steel product prices started to drop in mid-February, steel production continued to grow. Some market participants said steel mills were reluctant to cut production in anticipation of higher consumption in the coming months.

A version of this article was first published by AMM sister publication Steel First.

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