aily crude steel output jumped to a record high last month as mills ramped up production to take advantage of rising prices and the best profits this decade.
China's output over the month rose 0.5% to 69.42-million metric tonnes from a year earlier, the National Bureau of Statistics said on Saturday. While below March’s record monthly figure of 70.65-million tonnes, the daily rate of 2.314-million tonnes was higher due to fewer producing days. It surpassed the previous best set in June 2014.
April’s figure takes production in the first four months to 261.4-million tonnes, which is still down 2.3% on a year ago.
China accounts for about half of global supply for the metal. Steel prices in China rebounded in the first four months after five years of losses, lifted by credit easing and an improvement in the property market as the government sought to shore up growth. Speculators fuelled the bonanza in the belief that economic stimulus and industrial reforms would drive up demand and curb supply.
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