China's daily crude steel output rises 17% on the year in mid-May: CISA

摘要

China's daily crude steel output was about 17% higher on the year in mid-May, despite a 1.3% drop from early May, according to the China Iron & Steel Association. The daily crude steel output in May is likely to rise from April and hit a new high, adding downward pressure to Chinese steel prices, some market sources said. The Chinese domestic steel prices have been on a downtrend since May 10 following government interventions. The Chinese domestic rebar and hot rolled coil prices both dropped 12% from May 10 to Yuan 5,360/mt ($837/mt) and Yuan 5,460/mt, respectively, on May 24.