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Crude steel output hit a record 2.193 tpd in early May.

Cisa members saw their output dip 0.4% in mid-May to 1.74 million tpd.

However, their stock went the other direction, rising by 590,000 tonnes to 13.68 million tonnes by May 20.

Given that mills are still able to make profits now, large-scale production cuts are unlikely. This would keep output high until late-June, when many mills have scheduled maintenance, a Beijing-based analyst said.

“If there are any price rebounds, their maintenance would be delayed to July or August,” he added.