The China Iron and Steel Association (CISA) has announced that in mid-June (June 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.1423 million mt, up 1.57 percent compared to early June (June 1-10). In early June, the average aggregate daily crude steel output of the steel enterprises in question totaled 2.1092 million mt, up 0.8 percent compared to late May (May 21-31).
Inventory levels in the Chinese steel market rose in the given period due to lower demand from downstream users amid the rainy weather and floods in eastern and southern China. As of June 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.6194 million mt, increasing by 5.77 percent compared to June 10.
The average rebar price in the Chinese domestic market has declined as the rainy weather has negatively affected construction activities and demand for rebar. As of June 23, the average rebar price in the Chinese market was standing at RMB 3,727/mt ($528/mt) ex-warehouse, edging down by RMB 26/mt ($3.7/mt) from June 15, according to SteelOrbis’ data.
$1 = RMB 7.0555