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China's steel, aluminum production at record as U.S. thinks over penalties

In June, China has produced record volumes of steel and aluminium.

17.Jul.17 6:48 AM
By Daria Zaytseva


China's steel, aluminum production at record as U.S. thinks over penalties

The manufacturers rushed to cash-in on rallying prices in the wake of a drive by Beijing to disrupt the release of low-grade metal.

That could cause concerns that the global steel producer will export more metal, which will lead to global excess demand and fanning tensions with the United States after it accused the country's flood international markets with cheap aluminium and steel.

The U.S. President Donald Trump has threatened to use a Cold War-era law to restrict imports for national security reasons as bilateral talks between Washington and Beijing continue.

Chinese steel production last month grew by 5.7% compared to the previous year to a record level 73,23 million tons, exceeding the record high of April 72,78 million tons, according to the National Bureau of statistics on Monday.

Aluminium production increased by 7.4% compared to the same period last year and amounted to 2,93 million tons, which exceeds the Dec 2.89 million tons.

Export data last week showed steel products shipments fell last month, while aluminum sales abroad were steady.

But analysts said that the latest numbers should not be seen as a provocative move before the decision of the United States regarding the possible import tariffs.

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