Despite a 1,000 yuan per ton plunge in steel prices, China produced 51.65 million tons of crude steel in August with a daily output of 1.67 million tons, all breaking the record highs, according to the latest data from CISA. The figure equated to 608 million tons at an annual rate, far in excess of the 460 million tons first targeted early this year. Minister of Industry and Information Technology reckoned China’s steel capacity has surpassed 660 million tons, not mention to roughly 58 million tons of new capacity under construction, whereas apparent consumption would be short of 500 million tons this year. The price dives are supposed to gradually throw its weight on the market in September.