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China’s Record Daily Steel Output Bodes Ill for World Rivals

  • Higher production to depress prices and margins at mills
  • Overseas shipments already running ahead of last year’s
Bloomberg business news

Higher China Steel Production to Weigh on Prices

Updated on

China’s record daily output in April bodes ill for an embattled global steel industry already reeling from a deluge of exports from the world’s top producer.

Crude steel output over the month rose 0.5 percent to 69.42 million metric tons from a year earlier, the National Bureau of Statistics said on Saturday. The gains came after mills ramped up production to take advantage of a spurt higher in prices that has given them the best profits this decade.