9,347.17 TL BIST 100 BIST 100
31.01 $ USD USD
€33.67 EUR EUR
4.34 CNY CNY CNY
0.13 CNY CNY/EUR CNY/EUR
43.42 TL Interest Interest
83.25 $ Fossil Oil Fossil Oil
22.62 $ Silver Silver
3.88 $ Copper Copper
121.11 $ Iron Ore Iron Ore
394.00 $ Ship Dismantling Ship Dismantling
2,023.50 TL Gold (gr) Gold (gr)

China's crude steel production in January-February increased by 5.6% y-o-y

China's crude steel production in the first two months of 2023 increased by 5.6% compared to the previous year. Official data showed on Wednesday that many domestic steel mills increased production in February in anticipation of increased demand in March.

China's crude steel production in January-February increased by 5.6% y-o-y

According to the country's National Bureau of Statistics (NBS), China, the world's largest steel producer, produced 168.7 million tons of metal in January and February.

The average daily production was 2.86 million tons, an increase of 13.8% compared to the daily average in December 2022 and a 6.8% increase compared to the daily average of 2.68 million tons in the corresponding period of 2022.

The blast furnace capacity utilization rate increased by 5.77 points from 75.21% at the end of December 2022 to 80.98% as of February 24.

As part of its efforts to support its economy, which has been constrained by strict measures aimed at controlling COVID-19 for most of 2022, China has implemented a number of stimulus policies, especially in the real estate market.

Crude steel production from China increased by 2.3% to 79.5 million tons in January.

Iron ore imports also increased during this period, reaching 194 million tons in January and February, up 7.3 percent y-o-y, the highest figure ever for two months according to data obtained earlier in the month.

Analysts predict that average daily production will increase further in March as China enters its peak construction season, creating strong demand for steel.

Beijing has not made clear whether it will stick to its policy of zero growth in annual crude steel production this year, but analysts expect annual output to either remain stable or increase slightly in 2023.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Sackers Metal Processing Ltd is ready to cooperate with Uzbekistan

Friday, February 23, 2024

Gerdau says it may accelerate downsizing in Brazil

Friday, February 23, 2024

Mechel JSC announced the results of 2023

Friday, February 23, 2024

Japan's January stcrude steel production surged

Friday, February 23, 2024

Tata Steel withdraws merger plan with TRF

Friday, February 23, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now