China steel output soars to record high, despite efforts to reign in excess capacity
First quarter production was up 4.6% from the same period last year as demand remained flat
China’s steel output jumped to a record monthly high of 72 million tons last month, easily beating the previous high of 70.65 set in March of last year, reports Reuters. First quarter output was up 4.6% from the same period last year.
Recent drops in prices and rising inventory levels indicate that output is outgrowing demand, and recent measures to cool down the property market have added uncertainty to the demand outlook.