China Crude Steel Output Up 8% Y-o-Y to 996 MnT in CY19

China's crude steel output surpassed its previous record of last year and set a new benchmark this year by producing 996.34 MnT of crude steel in (Jan-Dec) CY'19 ascended by 7% as compared with 927.52 MnT in CY'18. Increased domestic demand and sufficient profit margins propelled Chinese steelmakers to increase output this year.

Meanwhile, on a monthly premise, the crude steel output stood at 84.27 MnT in Dec'19, up by 5% in comparison with 80.29 MnT in Nov'19.

Further, the same witnessed a growth of 11% Y-o-Y in Dec'19 in contrast with 76.12 MnT.

Despite the announcement of stricter measures to prevent emissions and improve air quality, the nation's steel output records high on the back of improved buying in the domestic market.

In addition to this, as per the market reports, the strong demand from the construction sector amid expanding property markets and the influx of investments in infrastructure development was attributed to the increase in production in CY'19.