China’s steel output volumes reach a record high for July
From: Yieh Corp
Summary: China’s steel output volumes reach a record high for July
It is reported that Chinese steel output volumes reached a record high. The China mills planned to fulfill a supply gap in order to catch high margins. Normally China mills have low output because the construction demand was lower due to the slowdown of building activity during the high temperatures in summer.
However, Chinese mills aimed to increase steel production in order to catch profits. The government was trying to push down steel production, resulting in higher profits in steel business.
The construction activity is expected to pick up in the autumn and China’s steel mills expected to produce more to meet the demand. China's steel production totaled 74.02 million tons for July of this year, increased by 10.3% compared with the same period of last year, hit a new high.