The China Iron and Steel Association (CISA) has announced that in mid-May (May 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.2455 million mt, down 0.24 percent compared to early May (May 1-10) this year.
In early May this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China had totaled 2.2508 million mt, up 2.0 percent compared to late April (April 21-30) this year.
Inventory levels in the Chinese steel market decreased in the given period. As of May 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 16.2646 million mt, decreasing by 7.56 percent compared to May 10.
As of May 20, rebar futures at the Shanghai Future Exchange were standing at RMB 3,645/mt ($517/mt), decreasing by RMB 43/mt ($6.1/mt) or 1.2 percent since May 10.
In mid-May, steel prices moved up first while edged down later amid the sluggish demand from downstream users.
$1 = RMB 7.056