OREANDA-NEWS. July 23, 2012. China crude steel output is projected by the CISA at 1.96 million tons on a daily basis during July 1-10, down 0.35 percent from the previous ten days. This represented the third consecutive weekly decline.

Steelmakers seemed to have no option but to scale back production through maintenance work under the pressure of the slowing economic growth. The prices of domestic iron ore have begun falling since early July.

China iron ore stocks at 30 main ports stood at 97.92 million tons, the highest level in 15 weeks. This was an indicator of cautious action by domestic mills to draw up their procurement plans.