Price rises push steel output up 6.6%

Output in China, the top producer and consumer of the alloy, rose 9.2% to 65.1 million tonnes, the data showed

Global crude steel production rose by 6.6 per cent to 134 million tonnes in October from a year earlier, industry data showed, as gains in steel prices boosted market sentiment in recent months, though oversupply bedevilled the sector.

Steel prices have recovered from a three-year low hit in June, pushing some steel mills to increase capacity utilisation. Production grew strongly in China and other major producing regions last month, the World Steel Association said on Wednesday.

Output in China, the top producer and consumer of the alloy, rose 9.2 per cent to 65.1 million tonnes, the data showed. Asian output gained eight per cent, also helped by higher production in Japan, the world's second-largest steel producer.