China’s steel industry notched another production record in the first quarter, spurred by consumption in the infrastructure sector as government stimulus propped up demand, said Bloomberg.
China churned out 231 million tons of steel between January and March, up almost 10% compared to the same period last year, setting a new first quarter record.
“It’s an extremely strong steel output number.” said Tomas Gutierrez, an analyst at the consultancy firm Kallanish Commodities Ltd. “There is the expectation that local government will have more money to spend on new projects, and that seems to be speeding up demand.”