- China's steel price index, which sets 1994 level as 100, has fallen to 98.52, down 26.7% from a year earlier, according to the China Iron & Steel Association. Excess capacity and high operating expenses were to blame. In 2012, the steel industry's liability-to-asset ratio rose to 68.8%, and annual capacity added up to 976 million tons while actual output was 717 million tons, implying a 73.4% utilization rate, according to the association.
- China imported 457 million tons of iron ore valued at $59.92 billion in the first 7 months of 2013, up 8% and down 12.1% respectively from a year earlier, a Ministry of Commerce official said at the China Steel Raw Materials Summit. Monthly iron ore imports hit a record 73.14 million tons in July, up 26.4% from a year earlier and up 17.4% from a month earlier.
- Hebei province plans to get rid of 60 million tons of steel capacity by the end of 2017, with another 26 million tons to be eliminated by 2020, Hexun reported. Hebei's steel capacity stacked up to 240 million tons as at the end of 2012, representing 25.7% of China's total. So the 86 million tons of capacity it is to remove by 2020 is 1/3 of Hebei's total.
- Daily crude steel output at China's major steel mills averaged 1.76 million tons in the first 10 days of August, up 5.5% from the previous 10-day period and hitting a record high, according to the China Iron and Steel Association. Nationwide daily crude steel output was estimated to average 2.14 million tons, up 2.84% from the previous 10-day period. Inventories of major steelmakers rose to 12.2 million tons as of August 10, down 1.5% from 10 days earlier.
- Chinese steel inventories added up to 14.8 million tons in the week through August 16, down 1.4% from the previous week, according Mysteel.com. This was the 22nd weekly decline in a row and compared with a 52-week high of 22.6 million tons recorded in March. Iron ore inventories rose 1% week on week to 71.5 million tons as of August 16.
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