China's steel sector sees output expansions in July

BEIJING -- China's steel sector registered notable output growth in July as the country's economic recovery consolidates, industry data showed.

Crude steel output rose by 9.07 percent to reach 93.36 million tons in the period, with a daily output of 3.01 million tons, according to the China Iron and Steel Association (CISA).

The output of pig iron gained 8.81 percent year-on-year to 78.18 million tons in July, while that of rolled steel surged by 9.87 percent from the same period last year to 116.89 million tons, the CISA data showed.

Affected by COVID-19, major steelmakers in the first quarter suffered a revenue loss of over 5 percent, while profits slumped by more than half.

As macro policies supporting growth continues to consolidate economic recovery momentum, demand for steel in the downstream industry is expected to maintain growth, a report from the CISA said.