China’s steel output rises, prices pick up



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China’s steel output continued to grow, with prices picking up as global recovery and a firming domestic economy combined to drive up demand, according to data from the National Development and Reform Commission (NDRC).

The steel price index came in at 116.62 in November, up 0.92 percentage point from the previous month, the NDRC said in an online report.

In the first 11 months of 2017, crude steel production went up 5.7 percent year on year to 764.8 million tonnes, according to the NDRC.

The rising output came against the backdrop of the government’s persistent efforts to cut overcapacity in the bloated sector.

Last year, China accomplished its plans to slash steel production capacity by around 50 million tonnes.

A report from the China Metallurgical Industry Planning and Research Institute predicted China’s crude steel output at 832 million tonnes last year.

This year, China’s crude steel output is likely to edge up 0.7 percent to 838 million tonnes, according to the report.

Source: XINHUA