China’s daily crude steel production in early August was estimated at 1.67 million tonnes, an industry source said on Thursday, citing data from the China Iron and Steel Association (CISA), the country’s industry group.

The figure was nearly 10 percent higher than CISA’s early July daily
production data, and was up around 2 percent compared with the whole
month of July’s output figures provided by the country’s National
Statistics Bureau.

Industry officials and analysts have said that CISA could have been
conservative in reporting the data to ease worries about oversupply and
improve its bargaining position in the iron ore term price negotiations
with overseas miners.

Source: Reuters

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