Chart of the Day: China’s Steel Output Hits Record High in May
China churned out more steel in May than in any month since records began in 1986, according to data from the National Bureau of Statistics, as some segments of the economy bounce back from the pandemic.
The country produced a total of 92.27 million tons last month, up 4.2% year-on-year, with daily average output approaching 3 million tons.
Despite the impact of the pandemic in the first few months, steel production was up 1.9% for the first five months.
Even as some parts of the economy continued to struggle, industries such as infrastructure construction and real estate — major sources of steel demand — have seen pent-up demand unleashed as virus control measures are rolled back.
Iron ore, which makes up 35% to 40% of steel’s total production cost, saw a surge in prices. Iron Ore 62% Fe, CFR China — a grade of ore widely exported to China — saw its price recover to the pre-virus level of around $95 in late May, and is now hovering around $100 on strong demand.
But the market expects a gradual fall in steel demand in the following months, with analysts saying the second quarter is usually the annual peak.
Contact reporter Lu Yutong (email@example.com)
Jun 24 07:05 PM
Jun 24 05:53 PM
Jun 24 04:52 PM
Jun 23 07:47 PM
Jun 23 05:20 PM
Jun 23 03:47 PM
Jun 22 08:31 PM
Jun 22 08:24 PM
Jun 22 07:24 PM
Jun 22 07:20 PM
Jun 22 07:16 PM
Jun 21 05:47 PM
- 1Cover Story: The Lagging Overhaul of China’s $3.9 Trillion Bank WMP Sector
- 2New Chinese Brands Sparkle in ‘6.18’ E-Commerce Marketing Event
- 3Four Things to Know About China’s Hydrogen Roadmap
- 4Japanese Firm Poised to Open First Fully Foreign-Owned Money Broking Business in China
- 5Chinese Bubble Tea Chain Nayuki Files $657 Million Hong Kong IPO
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas