Strong steel output to support iron ore demand

摘要

Demand for seaborne iron ore looks set to be well supported by Chinese crude steel production over the coming months. After steel production cuts were imposed in Hebei province in July for environmental reasons, output has quickly regained momentum. China produced 87.25 million mt of crude steel in August, up 9.3% on year, accelerating from 5.0% growth in July, according to the National Bureau of Statistics. Daily output in August increased by 2.4% on month to 2.81 million mt/day, which annualized at 1.027 billion mt.