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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

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Bloomberg News
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.