Steel Market Production Cuts – Chinese average daily steel production for the month of May fell 2.2% to 1.975 million tonnes from April’s 2.019 million tonnes according to data from China’s National Bureau of Statistics (NBS).

Steel Market Production Cuts – ArcelorMittal is reducing output at its Krakow and Dabrowa Gornicza steelworks in Southern Poland with the three operating blast furnaces at those locations said to be running at “minimal levels”.

Steel Market Production Cuts – Korean steelmakers are reportedly considering production cutbacks for billet due to falling export prices and an inability to cover costs along with production reduction incentives offered by the Korean power company Kepco.

Sources: Steel Business Briefing, American Metal Market, China’s National Bureau of Statistics