China's steel output approaches record high, analysts expect price drop due to oversupply

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China's steel output continued to rise in May, approaching the highest level on record in the last ten day of the month, shows data from the industry body. Analysts said that steel prices may decline due to the oversupply in the sector.

According to the data released by the China Iron & Steel Association (CISA), in the last ten days of May, China's average daily output of crude steel was 2.09 million tonnes, 4.4 per cent higher than a year earlier and 0.6 per cent higher than the previous ten days. That . . .

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