The China Iron and Steel Association (CISA) has announced that in mid-January (January 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9747 million mt, up 0.35 percent compared to early January (January 1-10).
The inventory levels in the Chinese steel market rose slowly as market players were unwilling to build up high stocks ahead of the Chinese New Year holiday. As of January 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 10.8028 million mt, increasing by 2.86 percent compared to January 10. This followed a 10.17 percent increase in inventories as of January 10 compared to December 31.
The average rebar price in the Chinese domestic market moved down on the first working day after the holiday which was extended due to the outbreak of the coronavirus in China. As of February 3, the average rebar price in the Chinese market was standing at RMB 3,803/mt ($544.8/mt), down RMB 37/mt ($5.3/mt) from January 23, while it had remained stable in the January 11-20 period due to the Chinese New Year holiday, according to SteelOrbis’ data.
