Crude steel production in China, the world’s biggest maker of the metal, fell to a six-month low in August as companies sought to cut overcapacity. Output was 51.64 million metric tons, according to data from the National Bureau of Statistics today. That was the lowest since February and a drop from 51.7 million tons in July, according to data compiled by Bloomberg News.
Chinese steel prices gained an average 5.6 percent in August from July, after steelmakers cut output to trim overcapacity. Production may fall in September as local governments start power restrictions to meet energy efficiency targets, according to Hu Yanping, an analyst at researcher UC361.com.via China’s Crude-Steel Output Declines to Six-Month Low Update1 – Bloomberg.com.