According to a source familiar with matter, China's pig iron production in April hit a new record high of 54,970 thousand tons, up 220 thousand tons from the previous month, and up 7.7% from the same month last year. Crude steel production was 59,030 thousand tons, down 380 thousand tons or 0.7% from the previous month, and up 7.1% from the same month last year.

Steel production showed 73,150 thousand tons, down 2,870 thousand tons or 3.8% from the month before. While, production per day was a record-breaking pace exceeding the past record of 76,020 tons in March this year as there was 2-day holiday.

As the higher level of production is maintains following the previous month, the trend of overproduction remains unchanged. So, the higher level of export (4,770 thousand tons in April) will be possibly maintained to avoid overstocking, and it is concerned that such higher export has the Asian market lowered its price level.