Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, does not expect the recent spike in Chinese steel prices to continue given the increases in China's crude steel output and exports in March, an executive said on Thursday.

Still, the market is expected to climb gradually later this year after hitting a floor late last year, Nippon Steel's Executive Vice President Toshiharu Sakae told a news conference.

China's steel production hit a record high of 70.65 million tonnes in March, amounting to 834 million tonnes on an annualised basis. Traders and analysts expect output to rise further in April and May.

Source : economictimes.indiatimes.com