China's steel production drops 4.6 percent in July - official data

Chinese steel production in July decreased by 4.6 percent year-on-year to 65.84 million tons. This was announced today by the State Statistics Service of the PRC.

Average daily steel production fell to the lowest level since November last year, having decreased compared to June by 7.6 percent to 2.124 million tons.

The total steel production in China for seven months of this year decreased by 1.8 percent compared to the same period last year (APPD) and amounted to 476.04 million tons.

Steel product exports from China jumped 21 percent to 9.73 million tonnes in July, nearly breaking the all-time record for Chinese steelmakers overseas sales set in January this year.

It is assumed that on the eve of the closure of some of the metallurgical industries in China during the events dedicated to the 70th anniversary of the end of World War II, most Chinese plants will increase the volume of steel production.

According to analysts, in June, the number of unprofitable metallurgical industries in China exceeded 30 percent: only in the largest industrial province of Hebei, out of 81 plants, 31 was unprofitable and showed a negative financial result.