CISA mills’ daily steel output down 1.09% in early Sept, while inventories up

Tuesday, 15 September 2020 15:23:22 (GMT+3)   |   Shanghai
       

The China Iron and Steel Association (CISA) has announced that in early September (September 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.1366 million mt, down 1.09 percent compared to late August (August 21-31).

In late August (August 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.1602 million mt, down 0.04 percent compared to mid-August (August 11-20).

Despite declines in steel production, inventory levels in the Chinese steel market increased in the given period amid slack demand for steel, which resulted in downtrend in steel prices. As of September 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 13.269 million mt, increasing by 899,400 mt or up 7.27 percent compared to August 31.

As of September 11, the average rebar price in the Chinese market was standing at RMB 3,823/mt ($559/mt) ex-warehouse, edging down by RMB 24/mt ($3.5/mt) from September 4, according to SteelOrbis’ data.

$1 = RMB 6.8222


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