China's monthly crude steel output picked up in August, after falling for t...
BEIJING - China’s monthly crude steel output picked up in August, after falling for two straight months, official data showed on Monday, as mills boosted output ahead of production cuts expected to kick in by October as part of Beijing’s anti-pollution drive.
Average daily output in August rose 2.2% from the previous month to 2.81 million tonnes, according to Reuters calculations based on NBS data. Most listed steel firms in China reported profit declines or reversals into loss in the first half compared with a year earlier. The most-active steel rebar futures SRBcv1 tumbled in July and dropped 8.5% in August, although it has begun to recover ground this month.
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