China's Crude steel output hits Record high in March

China's crude steel output hit a record high of 70.65 million tonnes in March, data showed on Friday, as a rally in steel prices and a seasonal pick-up in demand encouraged steel mills in the world's top producer to boost production.

Steel output rose 2.9 percent from a year ago, beating market expectations, although total output in the first quarter was down 3.2 percent at 192.01 million tonnes, according to data from the National Bureau of Statistics.

Mills increased production last month in response to restocking by steel users that has helped drive up domestic prices by 34 percent this year.

 

Some steel mills are making a profit of as much as 500-600 yuan ($77.11-$92.49) a tonne, but a slowing economy, credit shortages and China's target of cutting overcapacity in the sector is expected to hit momentum later this year.

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