China's Metallurgical Output Wanes Amidst April's Languor
In a recent report released by China's National Bureau of Statistics, the country's steel industry showcased a resilient performance in the first four months of the year. The outputs of pig iron, crude steel and finished steel reached a staggering 297.63 million metric ton, 354.39 million metric ton and 446.36 million metric ton respectively. These figures represent year-on-year growth of 5.8 percent, 4.1 percent, and 5.2 percent, impressively defying the economic headwinds faced by the nation.
Notably, April's individual numbers revealed a mixed bag for China's steel sector. Pig iron production totaled 77.84 million metric ton, marking a slight 1.0 percent increase compared to the previous year. Conversely, crude steel and finished steel outputs experienced a minor dip of 1.5 percent and a notable rise of 5.0 percent year on year, respectively. However, a closer look reveals a concerning decline of 0.29 percent, 3.23 percent, and 5.74 percent on a month-on-month basis for pig iron, crude steel, and finished steel.
The decline in production during April can be attributed to Chinese steelmakers strategically curbing their output. The intention behind this move was to stabilize steel prices, which had been experiencing a continuous downward spiral.