China's crude steel production fell to its lowest monthly level this year in August, dropping below 78 million tons. It was the third consecutive monthly decline, driven by lower steel prices reducing steel mills' production interest.

According to the World Steel Association (worldsteel), China produced 77.37 million tons in August, a month-on-month drop of 2.87%. Cumulatively, China's production for the first eight months reached 671.8 million tons, down by 2.8% year on year, yet it still accounted for 54.6% of global output.

The decline in China was the main reason for the 1.7% decrease in global crude steel production this year. With the peak season beginning, steel prices have stabilized and slightly increased, leading market participants to expect a rebound in China's September crude steel output.