The China Iron and Steel Association (CISA) has announced that in early March (March 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.8086 million mt, up 0.06 percent compared to late February (February 21-29). As SteelOrbis reported earlier, in late February output had declined by 1.5 percent, while in mid-February the reduction of production has been 5.39 percent.
At the same time, inventory levels in the Chinese steel market have continued to rise in early March as demand has not recovered to decent levels yet. As of March 10, finished steel inventories of large and medium-sized steel enterprises in China amounted to 21.4087 million mt, increasing by 4.51 percent compared to February 29.
The average rebar price in the Chinese domestic market has risen due to the rising trend in rebar futures prices and improved demand in China. As of March 10, the average rebar price in the Chinese market was standing at RMB 3,500/mt ($499.9/mt), up RMB 7/mt ($1/mt) from March 2, according to SteelOrbis’ data.
$1 = RMB 7.0018