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Chinese Steel Production Declines as GDP Growth Slows

Economy, Steel

China's crude steel output fell by 3.0% year-on-year in September to 66.1 Mt, the ninth consecutive month steel production has declined on an annual basis, official data show. Output for the period January-September was down by 2.1% on the same period in 2014 at 608.9 Mt. Meanwhile, the country's GDP growth slipped to an annual rate of 6.9% in the 3q15, down from 7.0% in the 2q15, according to National Bureau of Statistics data. This is the lowest rate of growth since 2009, although it is still in line with the government's official 2015 growth target of �around 7%�.