(MENAFN)
Fitch ratings latest reported showed that steel output in China is expected to decline considerably in the second half of the current year after hitting a new record in the first half.
Data from the National Bureau of Statistics showed that crude steel and steel product output went up 9.9 percent and 11.4 percent to 492 million tons and 587 million tons respectively in the first half year of 2019.
Steel for construction made up for the high growth, which was consistent with strong fixed-asset investment property growth.
For the upcoming half, the agency predicted the output of steel to decrease because of slowdowns in the construction of houses, production restrictions caused by environmental reasons and market-driven production cuts on shrinking steelmaker margins.
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