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Tuesday, June 14, 2011

China's Steel Mills Defied Credit Tightening

China's steel mills defied credit tightening, razor-thin margins and a possible power supply crunch to produce a record 60.25 million tonnes of steel in May, although daily output declined slightly.

Steel demand normally begins to fall in the hot summer months as construction activities slow, and Baosteel has already cut its prices for July delivery by 200 yuan ($30.85) per tonne. China's tightening measures have so far had no noticeable impact on steel output, and they have also failed to rein in inflation, which reached a 34-month high of 5.5 percent in May.

Tuesday's official figures are broadly in line with data released last week by the China Iron and Steel Association (CISA), which said daily output in the last 11 days of the month dropped 3.46 percent from its mid-month record of 1.984 million tonnes.

Crude steel production has remained at more than 1.9 million tonnes a day since late February, compared with an average of around 1.7 million tonnes last year, with the industry continuing to shrug off warnings by CISA that chronic overproduction was eroding margins.

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