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PrintReuters reported that China's crude steel output tumbled by 17% in October from a year ago, falling to its lowest in nearly two and a half years after mills in the world's top producer cut output and drew down inventories.
Data from the National Bureau of Statistics showed China produced 35.90 million tonnes of crude steel in October. That was the lowest figure since May 2006.
In the year through October, steel output rose 3.9% from a year ago to 427.29 million tonnes, with production hit by a sharper than expected slow down in economic growth as China's key trading partners slide toward recession.
Mr Judy Zhu analyst at Standard Chartered in Shanghai said "It is very hard for the steel mills to catch up in the rest of the year despite of China's stimulus plan, as steel mills are making efforts to decrease their heavy inventories."
Mr Chen Liang an analyst at Ping An Securities said "The October output is unusual, because normally coal output rises in the last three months of the year due to high demand in winter. It means the downstream demand is still weak, and large coal mines have cut production."
Mr Lu Ping, an analyst with China Merchants Securities said "The demand from steel industry was still falling, therefore production of washed coal was down."
Analysts and industry officials have said crude steel output in China is expected to fall to less than 500 million tonnes.
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