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According to International Credit Ratings Agency Fitch Ratings, once construction activities pick up again under warmer weather conditions, steel output in China is anticipated to rise in the second quarter of this year.
The agency projects that larger margins will encourage Chinese steel companies to raise their output further. Due to low margins and demand, China's crude steel output fell by 2% year over year in the first quarter of this year. As a result, steelmakers started doing facility maintenance.
While iron ore prices increased by 7% and coking coal prices decreased by 5% year over year, respectively, the average selling price of steel fell by a significant single-digit amount during the quarter.
Yet, Fitch noted that starting in March this year, the margins of Chinese steel producers improved since raw material costs began to decrease.
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