Chinese Crude Steel Production in July Crosses 93 Million Tonnes

China’s steel sector registered record high output in July 2020 on surging domestic demand due to a flurry of infrastructure projects, as the country introduced massive stimulus measures to help the economy recover from the COVID-19 outbreak. According to the China Iron and Steel Association, Chinese crude steel output rose by about 9.1 percent from a year before to reach 93.36 million tonnes in July, with a daily output of 3.01 million tonnes. Yet, the increasing supply has not been able to meet the rising demand. China’s imports of steel materials in July tripled to 2.61 million tonnes from a year ago

The output of pig iron gained nearly 8.8 percent year on year to 78.18 million tonnes in July, while that of rolled steel surged by roughly 9.9 percent from the same period last year to 116.89 million tonnes

CISA said, “As macro policies supporting growth consolidate economic recovery momentum, demand for steel in the downstream industry is expected to continue to grow.”