Data from the China Iron & Steel Association showed that China's average daily crude steel output hit a new all time record high of 2.129 million tonnes over April 21st to 30th 2013. That was up 0.6% compared to the preceding 10 days.

During the Q1 the country's steel industry a proxy for the health of the country's infrastructure investment dependent economy upped crude steel output 9% against forecasts of 4% to 5% growth.

The global seaborne iron ore trade exceeds 1.1 billion tonnes and China consumes almost two thirds of that. China imported 67.1 million tonnes of the steelmaking raw material in April, the third highest amount on record and up 4% from March.

On Wednesday benchmark CFR import price of 62% iron ore fines at China's Tianjin climbed to USD 130.20 per tonne up from its 2013 low of USD 128.10 reached last week.