China Steel production reaches new record high in June
BEIJING (Scrap Register): World's top Steel producing country, China's Steel production during June this year was seen to increase to about 5.7 percent to a record 73.23 million tons, as the fat profits from encouraging prices lead the mills in the country to increase production.
Steel production during the initial half of this year totaled at 419.75 million tons, which increased by about 4.6 percent when compared to the corresponding period last year, as per National Statistics Bureau.
Aluminum production in the country during June also increased by about 7.4 percent to highest since 2014, when compared to the corresponding period last year. The increase in Steel rebar margin, which was about 1000 yuan per ton during June was very tempting for the millers to increase production.
During the first six months of this year, China eliminated about 120 million tons of low end steel capacity. The country had fulfilled nearly 85 percent, or 42.4 million tonnes, of its 2016 steel capacity cutting target by May.