This morning in metals news, Chinese steel production once again hit a record last month, copper took a dip, and the gap between high-grade and low-grade iron ore grew larger as China attempts to combat its smog problem.
Steel Output Hits New Record in China
Steel mills in China cranked up production levels en route to hitting a new monthly production record, according to Bloomberg.
According to the report, Chinese crude steel output hit 74.59 million metric tons in August, surpassing the previous peak of 74.02 million in July.
Copper Falls Back
Copper has been having a good year, but it fell to a four-week low Thursday as a result of what Reuters calls lackluster Chinese economic data.
What appears to be slowing demand from China, the world’s top metals consumer, contributed to the metal’s drop, according to the report.
Premiums Soar for High-Grade Iron Ore
Sticking with the China theme, Reuters reported the gap between high-grade and low-grade iron ore in China grew as a result of the country’s efforts to fight pollution.
The trading gap between the two forms of ore was at its highest since August 2011, according to the report.