China Iron & Steel Association issued that, China yielded some 16.2986 million tonnes of crude steel in the mid ten days of July equivalent to a daily output of 1.63 million beating the record high in the early this month.
Analyst thinks that two factors are responsible for this booming production.
1. Since last November, crude steel has gradually revived and driven by rallying demand and rising steel prices, steel makers have got more intended to restore production.
2. Some delayed new projects are making progress now, pushing up steel production.
The soaring steel output triggered the iron ore price upsurge up to USD 100 per tonne.
The soaring crude steel output and the iron ore spot prices combine to get the stalled iron ore talk more deeply mired.