The China Iron and Steel Association (CISA) has announced that in mid-October (October 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.894 million mt, down 2.3 percent compared to early October (October 1-10) this year.
In early October, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China had totaled 1.939 million mt, up 3.1 percent compared to late September (September 21-30) this year.
Inventory levels of the large and medium-sized steel enterprises in China increased in the given period. As of October 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 17.22 million mt, increasing by 1.5 percent compared to October 10.
The average aggregate daily crude steel output declined by 2.3 percent in mid-October, while inventory levels increased by 1.5 percent in the given period. Steel mills have been cutting their production outputs, while inventories were still rising. This reflects a tug-of-war between "supply contraction" and "weak demand," with weak demand outweighing supply cuts.
