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China’s crude steel output in 2017 surges to record 831.7 million tonnes – NBS

Steel News - Published on Fri, 19 Jan 2018

Image Source: livemint.com
Reuters reported that as per latest data from National Bureau of Statistics, China's average daily steel output fell 1.9% in December from the previous month, touching the lowest level in a year as government-imposed production curbs deepened. Total output climbed to 67.05 million tonnes in December from 66.15-million tonnes in November, and was up 1.8% from a year ago. Full-year output in 2017 rose 5.7% to a record high of 831.73 million tonnes.

Average daily steel output declined 1.9% to 2.16-million tonnes in December from 2.205-million tonnes in November, according to Reuters calculations based on the data.

Qiu Yuecheng, an analyst with steel trading platform Xiben New Line E-Commerce in Shanghai told Qiu said the growth in annual output was probably because production from electric furnaces, which have replaced illegal induction furnaces, was included on the balance sheet. He said "This year's steel output may have stood flat or actually fallen as output from induction furnaces was excluded from data for 2016.”

China closed up to an estimated 140-million tonnes per year of illegal induction furnace capacity in the first half of 2017, part of Beijing's efforts to tackle overcapacity.

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Posted By : Nanda Koijam on Fri, 19 Jan 2018
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