Chinese Steel Output Slides to Seven-Month Low
After three consecutive monthly highs, Chinese crude steel production fell to a seven-month low of 71.8 Mt in September, although still up by 5.3% year-on-year, National Bureau of Statistics data show. At 638.7 Mt, steel output in the first nine months of the year was 6.3% higher than the same period in 2016, although analysts argue the growth figure is inflated by closure of (previously unrecorded) induction furnace capacity this year.
Chinese GDP expanded by 6.8% year-on-year in the 3q17, official data show. This was down from expansion of 6.9% in the 1h17, but well above the government’s official 2017 target of “around 6.5%”. Meanwhile, industrial production in China increased by 6.6% year-on-year in September, the fastest rate since June.