CHINA DAILY CRUDE STEEL OUTPUT SLIPS BY 1.5% BETWEEN 20-30 MARCH
Date: 12/04/2012
China Iron and Steel Association today said that country's daily steel output slipped by 1.49 percent to 1.89 million tons during March 20-31. Steel prices in Shanghai rose for four weeks in a row, with those of mainstream products climbing by as much as 300 yuan a ton.
The decline was due to lower business activity in March and early April due to continuous rise in production. Distributor stocks continued to rise on a year-on-year basis as of April 6, despite declines in weekly terms. The high level of stocks mitigated higher production possibilities.
The prices of long products have been growing faster than those of flat-rolled steel since early March. Demand from the auto and home appliance sectors are still weak.
The average price of imported iron ore rose by 1.36% from the previous month to $138.22 a ton in March. The consistent cost pressure may cause steelmakers to trim down their utilization rates.
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