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Thursday, August 13, 2009

China’s ore imports, steel output break new records

Shanghai: China’s stimulus plan is pushing the metals market to new highs, with the nation producing more steel and importing more iron ore than ever before in July. Also steel exports rose 26.5% last month, suggesting other economies are picking up too.
Crude steel production rose 2.6 percent month on month to 50.67 million tonnes, although on a daily basis steel output actually fell slightly to 1.63 million tonnes from 1.65 million tonnes, while iron ore imports totaled 58.08 million tonnes, up 5 percent from June, according to the latest Chinese Customs statistics.
Crude steel production in the first seven months of the year totaled 317 million tonnes, up 2.9 percent from the same period last year. [12/08/09]