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China cut its record-breaking steel production for the first time this year -- and by a steeper margin than usual -- heading into the seasonally weak summer period for demand. Output fell to 93.88 million tons in June, from an all-time high of 99.45 million tons in May, as construction activity slackens due to the hot, sticky weather and mill margins weaken. The drop could herald a more prolonged period of lower production as Beijing seeks to curtail emissions from the highly polluting industry by capping output below last year’s record levels. Jiangxi is among those provinces that has agreed to reduce annual output, according to Mysteel. Consolidation among major steel mills, including China Baowu’s prospective takeover of Shandong Iron & Steel, would be another path to reining in production. (Bloomberg)
China NBS just released June month production data with Crude steel production at 93.9Mt, 1.5% YoY. YTD 1H2021 crude steel at 563.3Mt, +11.8% YoY.
Annualized steel production (Mt)
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