The China Iron and Steel Association (CISA) has announced that in early August (August 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.973 million mt, up 5.8 percent compared to late July (July 21-31) this year.
In late July, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China had totaled 1.864 million mt, down 7.5 percent compared to mid-July (July 11-20) this year.
Inventory levels of the large and medium-sized steel enterprises in China also increased in the given period. As of August 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 17.18 million mt, increasing by 5.6 percent compared to July 31.
Both crude steel output and inventory levels of the large and medium-sized steel enterprises in China indicated rises in early August.
The rapid rebound in supply, combined with passive inventory accumulation during the traditional off-season, will jointly exert downward pressure on steel prices in the near term.
