Metals &Mining Alert-Daily prices and news:Chinese steel output at record levels in April

Industrials (/lb): aluminum $0.86(+0.8%), copper $2.55(+1.0%), lead $0.97(+0.4%), molybdenum $7.82(+0.0%); nickel $4.19(-0.9%); zinc $1.17(+0.7%);Precious (/oz): gold $1,231(+0.2%), silver $16.61(+0.8%); Steel (/mt): ChinaHRC $470(+1.1%), SHFE Rebar $432(-0.5%), MB Scrap Index $270(+1.3%);Bulks: iron ore (/dmt) $61(+1.2%), coking coal (/mt) $168(-0.6%), freight (BCI)1,661(-3.7%); Energy: Brent (/bbl) $51.82(+1.9%), WTI (/bbl) $48.85(+2.1%),natural gas (/mmBtu) $3.35(-2.2%), thermal coal (/t) $73(-0.4%).

    China’s crude steel output reaches record high of 73mt in April (+5% YoY).Daily output averaged 2.4mt (+4% MoM). Traders expect the high output toweigh on prices as end-user demand remains tepid, especially for flat steel.Flat steel inventories in major Chinese cities rose 31% YoY to 5.2mt. Long steelproducts grew 14% YoY to 6.2mt. YTD Chinese output totaled 274mt (+4.6%YoY). Beijing’s crackdown on induction furnaces (IF) has no bearing on theseproduction results, as National Bureau of Statistics considered them “illegal”and never counted IF steel in statistics. (SBB)