China’s average daily steel output in December hit its lowest level since March, according to Reuters calculations based on official data, as producers cut output amid shrinking profit margins. Total output fell to 76.12 million tonnes last month from 77.62 million tonnes in November, but was up 8.2 percent from December 2017, data from the National Bureau of Statistics showed on Monday. That means average daily steel output dipped 5 percent from the month before to 2.46 million tonnes, the lowest level since the 2.39 million tonnes recorded in March, according to Reuters calculations. The world’s biggest steel maker churned out a record 928.26 million tonnes of crude steel in 2018, the data showed, up 6.6 percent from 2017, buoyed by firm demand in the first three quarters […]