BEIJING :China's November steel output fell 6.5 per cent from the previous month, official data showed on Thursday, as some steelmakers cut production to curb losses amid persistently weak demand.
"Steelmakers voluntarily cut their production last month because their businesses were still losing money," said Zhuo Guiqiu, an analyst at Jinrui Futures. November's average daily steel output was 2.49 million tonnes, according to Reuters calculations, the lowest in a year.Also, steelmakers in Shanxi and Jiangsu provinces had to lower production last month to meet capacity control targets, an iron ore trader said ahead of the data release.
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