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UPDATE 1-Price rises push steel output up 6.6 pct year/year in Oct
November 20, 2013 / 11:21 AM / 4 years ago

UPDATE 1-Price rises push steel output up 6.6 pct year/year in Oct

LONDON, Nov 20 (Reuters) - Global crude steel production rose by 6.6 percent to 134 million tonnes in October from a year earlier, industry data showed, as gains in steel prices boosted market sentiment in recent months although oversupply bedeviled the industry.

Steel prices have recovered from a three-year low hit in June, pushing some steel mills to increase capacity utilisation.

Production grew strongly in China and other major producing regions last month, the World Steel Association said on Wednesday.

Output in China, the top producer and consumer of the alloy, rose 9.2 percent to 65.1 million tonnes, the data showed.

Asian output gained 8 percent, also helped by higher production in Japan, the world’s second-largest steel producer.

Europe and North America, the second- and third-largest producing regions, registered growth of 4.0 and 6.6 percent respectively.

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