Crude steel output stays up in China

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

19 Nov 2010

Even as the Chinese government is mulling monetary tightening measure, the crude steel production in the country has showed improvement in early days of the current month. According to the statistics provided by China Iron & Steel Association (CISA), the steel sector produced 2% more crude steel output in the first 10 days of November than in late October.
The average daily crude steel output also showed rise in the first 10 days of November, which stood at 1.601 million tonnes, up from 1.564 million tonnes per day in the last 11 days of October.
However, CISA had earlier noted that the country’s crude steel production will remain at lower levels in November and December.
The association has about 77 medium- and large-sized steel mills as member producers.
The government’s policy to tame inflation and cool down the economy by raising interest rates was feared to bring down industrial production in the country.

Source: Commodity Online