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Market Update: Steel Falls on Strong Production Data
Shanghai steel futures fell to around 4,920 yuan per tonne, as the off-peak season gradually arrives while production remains robust. Chinas crude steel output surged 13.9% from a year earlier in the January-May period despite constant pledges from the country to curb production based on carbon emissions, pollutant discharges and energy consumption. Considering May alone, production went up 6.6% on the year, easing from a 13.4% rise in April. The steel market was already under pressure due to China’s efforts to limit soaring commodity prices after cost of steel rallied to an all-time high of 5,975 yuan per tonne on May 11th, buoyed by rising iron ore cost and as Chinas steel capital Tangshan instructed most mills to cut production by 30%-50% until the end of the year to reduce carbon emissions. [/s2If]
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