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Smaller Chinese steel mills drive production rebound in September

19 October 2012

Daily output of crude steel rose by 2.2% in September, according to the National Bureau of Statistics (NBS). This conflicts with an earlier estimate by the China Iron and Steel Association (CISA) that output fell 1.9% during the month but agrees with our analysis that despite continued production cuts at larger mills, smaller producers increased output in September (CC Oct 18, Capital Intensive China). We believe that the supply side response from these marginal mills has been too aggressive and that this will constrain output growth going forward. 

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