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China's steel production fell to a 15-month low in July as the industry begins to deliver on a promise to cut production below last year's record levels to limit emissions, Bloomberg reported.
The world's largest producer produced 86.79 million tonnes of crude steel last month, down 7.6 percent from June and 8.4 percent from 93.36 million tonnes, according to the National Bureau of Statistics (NBS) on Monday. in July 2020.
Average daily production last month was 2.8 million tons, according to Reuters calculations based on NBS data, down 11% from 3.13 million tons a day in June.
According to Fastmarkets MB, benchmark iron ore fines with 62% Fe imported to North China stood at $ 163.52 a tonne, up 0.6% from Friday's close.
Since late June, Beijing has sent inspection teams to local governments and factories to check if capacity and steel production are being cut, obsolete blast furnaces are being closed, and production is being curtailed at highly polluting factories.
The association and analysts expect steel demand in China to fall in the second half of the year due to a slowdown in construction and a still limited supply of semiconductors, which is limiting production and demand for metals in the automotive sector.
China produced 649.33 million tonnes of steel in the first seven months of the year, up 8% from the same period a year earlier, according to the Bureau of Statistics.
