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Author: 21 Mar 2012 Last updated at 07:45:39 GMT

Chinese steel production advances; prices still on top: CISA

BEIJING (Scrap Monster): Steel product prices in China have continued advance since late February. Current domestic steel product prices have increased by around 3% as compared with four weeks ago, according to market sources.

Meanwhile, the capacity utilization rates of Chinese steel mills have also indicated some increases.

The China Iron and Steel Association (CISA) has indicated that in early March this year the average aggregate daily crude steel output of the association's member steel enterprises stood at 1.5858 million mt, up 2.49 percent compared to late February.

Meanwhile, the overall average daily crude steel output in China in early March came to 1.898 million mt, up 13.08 percent compared to late February.

Market insiders state that small and medium-size steel mills have continued to step up their production since February.

The increased outputs reflect some improvements in demand levels amid current reduced inventory levels. However, rising production may also put pressure on the current rebound in market prices.

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