In August this year, the average aggregate daily production of finished steel in China totaled 2.54 million mt, down 3.05 percent compared to 2.62 million mt in July, according to the China Iron and Steel Association (CISA).
Amid the production cuts and capital repairs which Chinese steelmakers started to implement as of July this year, the country's average aggregate daily finished steel output has been moving on a downward trend, indicating a month-on-month decrease of 7.1 percent in July and now a 3.05 percent month-on-month decline in August.
According to the CISA data, average daily production of finished steel in China in August declined by 280,000 mt compared to the month before the production cuts started to be implemented, i.e., June this year. However, considering current finished steel inventory of over 14 million mt in China, the production cuts are deemed to be of limited impact.