AIRLINK 79.80 Increased By ▲ 1.41 (1.8%)
BOP 5.29 Decreased By ▼ -0.05 (-0.94%)
CNERGY 4.38 Increased By ▲ 0.05 (1.15%)
DFML 33.19 Increased By ▲ 2.32 (7.52%)
DGKC 77.75 Decreased By ▼ -0.76 (-0.97%)
FCCL 20.40 Decreased By ▼ -0.18 (-0.87%)
FFBL 31.12 Decreased By ▼ -1.18 (-3.65%)
FFL 10.24 Increased By ▲ 0.02 (0.2%)
GGL 10.35 Increased By ▲ 0.06 (0.58%)
HBL 117.90 Decreased By ▼ -0.60 (-0.51%)
HUBC 135.26 Increased By ▲ 0.16 (0.12%)
HUMNL 6.86 Decreased By ▼ -0.01 (-0.15%)
KEL 4.60 Increased By ▲ 0.43 (10.31%)
KOSM 4.80 Increased By ▲ 0.07 (1.48%)
MLCF 38.40 Decreased By ▼ -0.27 (-0.7%)
OGDC 133.90 Decreased By ▼ -0.95 (-0.7%)
PAEL 23.50 Increased By ▲ 0.10 (0.43%)
PIAA 26.82 Increased By ▲ 0.18 (0.68%)
PIBTL 7.01 Decreased By ▼ -0.01 (-0.14%)
PPL 113.20 Decreased By ▼ -0.25 (-0.22%)
PRL 27.90 Increased By ▲ 0.17 (0.61%)
PTC 14.79 Increased By ▲ 0.19 (1.3%)
SEARL 58.00 Increased By ▲ 1.50 (2.65%)
SNGP 67.20 Increased By ▲ 0.90 (1.36%)
SSGC 11.12 Increased By ▲ 0.18 (1.65%)
TELE 9.25 Increased By ▲ 0.10 (1.09%)
TPLP 11.73 Increased By ▲ 0.06 (0.51%)
TRG 72.99 Increased By ▲ 1.56 (2.18%)
UNITY 24.81 Increased By ▲ 0.30 (1.22%)
WTL 1.41 Increased By ▲ 0.08 (6.02%)
BR100 7,515 Increased By 22.2 (0.3%)
BR30 24,646 Increased By 87.3 (0.36%)
KSE100 72,253 Increased By 201.4 (0.28%)
KSE30 23,809 Increased By 0.8 (0%)

SHANGHAI: China’s December steel output rose 4.5% from the prior month, official data showed on Tuesday, as demand for the material used in construction increased following stepped-up government support for the property sector.

China, the world’s largest steel maker, produced 77.89 million tonnes last month, according to data from the National Bureau of Statistics, up from 74.54 million tonnes in November. Production, however, was down 9.8 % from a year earlier.

Output for 2022 was 1.01 billion tonnes, down 2.1% from last year, the second annual decline. China’s steel mills have struggled with weak margins in recent months because of sluggish demand from a slowing economy and weak activity in the property sector.

December’s average daily steel output in China was 2.51 million tonnes, according to Reuters calculations, a slight increase from November’s daily output of 2.49 million tonnes, the lowest in a year.

Demand from the construction sector is expected to remain weak because of the depressed property market.

While the central government has announced measures to support cash-strapped property developers, they are focussed on keeping quality developers afloat, rather than aggressively boosting demand, said analysts at Jefferies in a recent note.

Comments

Comments are closed.