China's daily crude steel production in late May reached 1.49 million tons. The government wants to cap this year's total steel output at 460 million tons, 8 percent lower than last year, but it has so far been unable to rein in the sector. China has been urging its steel mills to curb production, in an apparent attempt to stabilize domestic steel prices and to hold a better position in iron ore term negotiations with miners including BHP Billiton, Rio Tinto and Vale. The country’s monthly iron ore import volume has been on a record-breaking run, reaching an all-time high of 57 million tons in April, and stockpiles at major ports have soared beyond 75 million tons, according to Chinica Shipbrokers Ltd, up around a quarter since the beginning of the year. Last month, the Ministry of Industry and Information Technology urged commercial banks to cut off credit to steel enterprises that are "blindly expanding in disregard of the market"