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PrintBloomberg reported that steel product output in China, the world's biggest producer and user of the alloy fell 5.5% in September from a year ago to a seven month low as weak demand and falling prices forced mills to pare production.
According to figures provided on October 20th by China Mainland Marketing Research Co which releases data on behalf of National Bureau of Statistics, output was 45.9 million tonnes last month. Production rose 8.1% to 445.2 million tonnes in the first nine months from a year earlier.
China's biggest steelmakers including Maanshan Iron & Steel Co have pared output as the global credit crunch and economic slowdown curbs demand. Monthly production began to slide YoY from August the first decline in more than a decade, as prices of the alloy tumbled 39% from a record on June 5th.
Mr Ma Haitian an analyst with Beijing Antaike Information Development Co said ”Production may be lower this month and next.''
Mr Zhang Feng JPMorgan Chase & Co's analyst said prices of hot rolled coil, a benchmark product have fallen to CNY 3,645 per tonne from a record CNY 5,957 in June. The slump has led to losses at almost all steelmakers.
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