China’s daily crude steel output down 3% in late August

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As forecast by Steel First, China’s national daily crude steel output dropped 3% to 1.8715 million tonnes in the last 10 days of August, according to China Iron and Steel Assn (Cisa) estimates.

The daily crude steel output for Cisa members, mostly state-owned and large steelmakers, also fell 3.73% to 1.5214 million tonnes, according to the association.

“Crude steel output in late August has dropped below the average of 1.8976 million tonnes so far this year,” a trader in Shanghai observed.

Cisa’s statistics showed that state-owned steelmakers trimming output, as many of them have been making losses since the last quarter of 2011.

Private-sector and smaller steel producers, which have lower costs, are largely accountable for China’s high crude steel output.