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China's crude steel output climbed 1.6% in the first two months of 2024 from a year earlier, data showed on Monday, confounding market expectations that production would decline in the low-demand period when many steelmakers carry out maintenance work.
The world's largest steel producer made 167.96 million metric tonnes of the ferrous metal in January and February.
China releases combined data for January and February to smooth out the impact of the week-long Lunar New Year holiday, which falls at different times in the first two months of the year.
The total represents an average daily output of about 2.8 million tonnes, versus 2.18 million in December 2023 and 2.86 million in the corresponding 2023 period.
Output of the ferrous metal declined by 6.9% to 77.2 million tonnes in January, data from the World Steel Association showed last month.
Also Read : Demand for steel will surge globally by 1.7% in 2024 Global crude steel production remains flat in 2023; India reports 12% jump
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