China steel output might go up

Beijing: China's crude steel production is estimated to be as high as 628m tons in 2010, up 10.7% from 2009, according to a report from China Iron & Steel Association (CISA).
Steel output will keep increasing this year along with iron ore imports, said the report. The nation will have added new capacity of 40m tons, and the steel production capacity could reach 800m tons this year, the report said.
The steel output rebounded in December 2010 after it fell 9% in September, caused by production cuts due to factory shutdowns.
"Iron ore imports will rebound this year, as the demand from Europe is not strong, but the prices may fall as big miners have expanded production capacity," Hu Kai, an industry senior analyst said. [13/01/11]