Weekly China Steel Market News Summary (June 24-June 28)

　　Global crude steel production up 5.4% YoY in May 2019

　　World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 162.7 million tonnes in May 2019, a 5.4% increase compared to May 2018.

　　China's crude steel production for May 2019 was 89.1 million tonnes, an increase of 10% compared to May 2018. India produced 9.2 million tonnes of crude steel, up 5.1% on May 2018.

　　India's May steel exports drop to lowest in three years

　　India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data showed.

　　India exported 319,000 tonnes of finished steel in May, down 28% from the same month last year and the lowest level since April 2016, showed the data.

　　India steel ministry seeks higher duties to deter Chinese imports

　　India's steel ministry has sought an immediate increase in import duties on finished steel products to 15% from a range of 7.5% to 12.5%, citing a threat from Chinese imports and excess global capacity, an internal note reviewed by Reuters showed.

　　The steel ministry has proposed the higher duties as part of its recommendations to the finance ministry for the upcoming FY2019-20 budget that is due out on July 5.

　　China's crude steel output at key mills hits a new high in early Jun

　　Daily crude steel output at China's key steel mills, also members of the China Iron and Steel Association (CISA), hit a new high of 2.06 million tonnes in early June, showed data from the CISA.

　　The daily output, a new high since late December in 2015, was 56,000 tonnes or 2.79% higher than the level in late May, data showed.

　　China June steel stocks down 4% MoM

　　Stocks of five major steel products in 20 Chinese cities decreased 4% month on month to 12.19 million tonnes by June 27, showed data from China Iron and Steel Association.

　　Stocks of steel products in markets of these cities stood at 11.31 million tonnes, down 3.9% from a month ago; the rest of 0.88 million tonnes were piled up at ports, down 5.2% from May-level.

　　China's steel hub Tangshan heightens productions curbs

　　China's top steel-making city of Tangshan has ordered deeper steel production cuts in a move to improve air quality, said an official statement.

　　Shougang Qian'an Iron and Steel Co., Ltd. and five coastal steel firms are requested to cut production of sintering machines(pelletizing), blast furnaces and converters by 20%, while other steel companies were demanded at least 50% reduction before August 1, according to the statement issued by the municipal government on June 23.

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