OREANDA-NEWS. April 19, 2012. The national crude steel output stood at 61.58 million tons in March, up 3.9 percent from the same period last year. The first quarter figures totaled 174.22 million tons, up 2.5 percent. The daily output was 1.99 million tons and 1.92 million tons respectively.

In the first quarter, China GDP growth slowed to 8.1 percent, the lowest level since the final quarter of 2009.

There has been insufficient momentum to drive the domestic steel prices since early this year as downstream demand remained week, in addition to the increasing strain on inventory. As of April 6, the distributor stocks amounted to 17.76 million tons, up 870,000 tons from a year earlier.

There would be great downward pressure on the prices for months ahead.