China's steel production decreased further in August to 77.9 million tons, according to the National Bureau of Statistics (NBS). This represents a 9% decrease from the previous month and a faster year-on-year decline of 10.4%.
In the first eight months of the year, China's total crude steel output stood at 691.4 million tons, down 3.3% from the same period last year.
According to market research, China's daily steel production averaged 2.51 million tons in August, a 6.1% decrease from the previous month, the lowest level this year.
The significant production decline in August is reportedly due to blast furnace (BF) and electric arc furnace (EAF) steelmakers cutting back on production due to lower profitability due to weak steel prices and sluggish end-user demand.
According to statistics, China's steel output decreased by 6.5% year-on-year to 110.9 million tons in August. However, total output in the first eight months of this year reached 925.7 million tons, up 0.4% from the same period last year.
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