What A Steel: Chinese Production at New High in August
Meanwhile, the Chinese delegation told the US side that China had actively taken measures to cut steel overcapacity, Zhu said, citing China’s plans to reduce steel capacity by 100 million to 150 million metric tons from 2016 to 2020.
Crude steel output climbed to 74.59 million metric tons last month, surpassing the previous peak of 74.02 million in July, and up from 68.57 million in August 2016, according to the statistics bureau Thursday. While that’s an all-time high for the month, daily output was less than the record in June. Production surged 5.6 percent to 566.4 million tons in the first eight months, also a record.
Extrapolate the August 2017 increase from August 2016, and you get 72 million tons of increased production. Year to date, production is up 30 million tons.
By the time China cuts 100 million tons of production, it will be back to late 2016 levels.
Tariffs are coming.