China daily steel output falls 2.2 percent in late July
BEIJING — China''s daily crude steel output fell 2.2 percent to 1.949 million tons on average over July 21-31 from July 11-20, data from the China Iron & Steel Association (CISA) showed on Tuesday. China''s steelmakers are stepping up maintenance in an effort to cut production and stem losses from a slump in steel prices and a surge in inventories.
Many Chinese steel mills have made a loss of 300-400 yuan per ton in July and even more in early August, with little expectation that Beijing''s efforts to bolster the economy would give an immediate boost to steel demand.
CISA data also showed that daily crude steel output in the world''s largest steel-producing country fell 2 percent to 1.967 million tons in July after producing the second highest record of 2.007 million tons in June. CISA members, comprising 76 large steel mills, account for around 80 percent of China''s total steel output.