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Daily crude steel output totalled 1.9889 million tonnes in early February, compared with 1.906 million tonnes in the 11 days before that.

Cisa members, made up of state-owned and large steel mills, also saw daily production increase by 6.1% to 1.7014 million tonnes.

“Maybe [the increasing steel output] explains why steel prices have remained stable but iron ore prices went up after the Chinese New Year,” an iron ore trader said.

Metal Bulletin’s 62% Fe Iron Ore Index gained $4.22 per tonne over the Chinese New Year holiday to $160.11 per tonne cfr on Tuesday February 19.