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China's steel output at 10.03 m tonnes in Jan

SHANGHAI: China, the world's biggest steel maker, is on track to achieve its target of a 10 percent reduction in output, the China Daily Business Weekly reported on Sunday.

Output fell to 10.03 million tonnes in January from 11.23 million tonnes last December, the paper said, without giving comparative figures from a year ago.

China has said it would cap steel output at below 110 million tonnes and steel products at below 100 million tonnes in 2000 to ease oversupply.

It has said more than 2,500 smelters and mills with annual capacity below 100,000 tonnes would be closed.-Reuters