According the latest data issued by the China Iron and Steel Association (CISA), in June this year Chinese average daily crude steel production stood at 1.753 million mt, down 48,000 mt from the average daily volume of 1.805 million mt in May. Average daily crude steel production in China has thus declined for two consecutive months. As predicted by market professionals, large- and medium-sized steel producers in China are expected to make downward adjustments as regards their prices in August.
As the data showed, China's total crude steel output came to 17.11 million mt in late June (June 21-30), with an average daily crude steel output volume of 1.711 million mt. Compared with the data in mid-June (June 11-20), the total crude steel output in late June registered a decrease of 56,000 mt.
Analysts in the Chinese steel market have commented that the decrease in China's crude steel production in June has not come as surprise as the steel oversupply problem in the country has not diminished yet.