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China's crude steel output in May surged 8.1% from April and rose 2.7% year-on-year, driven by robust domestic demand and increased exports, according to the National Bureau of Statistics (NBS).
The world's largest steel producer manufactured 92.86 million metric tons of crude steel in May, up from 85.94 million tons in April, averaging around 3 million tons per day compared to 2.86 million tons in April and 2.91 million tons in May 2023. This output surpassed analysts' forecasts of 87-90 million tons.
As per analysts, the monthly increase is due to solid domestic and export demand.
Customs data showed that Steel exports rose 4.45% month-on-month to 9.63 million tons in May.
"Electric-arc-furnace-based steelmakers resumed production, and blast furnace output increased, driven by rising steel prices," noted an analyst.
Profitability among steel mills improved, with 53% operating at a profit in May, up from 45% in April, reported consultancy Mysteel.
From January to May, China produced 438.61 million tons of crude steel, a 1.4% year-on-year
(By Commoditiescontrol Bureau: 09820130172)
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