The China Iron and Steel Association (CISA) has announced that in early January (January 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9666 million mt, down 0.6 percent compared to late December (December 21-31) last year.
In late December, production of CISA members surged by 10.67 percent to 2.0922 million mt, so the decline in early January was much smaller than the previous sharp rise.
As a result, inventory levels in the Chinese steel market increased in the given period. As of January 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 12.9224 million mt, rising by 1.6255 million mt or 14.39 percent compared to December 31.
As of January 10, rebar prices in the Chinese domestic market were standing at RMB 4,753/mt ($747/mt), up RMB 6/mt or 0.13 percent since December 31.