The China Iron and Steel Association (CISA) has announced that in late May (May 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.0954 million mt, down 6.68 percent compared to mid-May (May 11-20) this year.
In mid-May this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China had totaled 2.2455 million mt, down 0.24 percent compared to early May (May 1-10) this year.
Inventory levels in the Chinese steel market decreased in the given period. As of May 31, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 15.6207 million mt, decreasing by 3.96 percent compared to May 20.
As of May 31, rebar futures at the Shanghai Future Exchange were standing at RMB 3,463/mt ($488/mt), decreasing by RMB 182/mt ($25.6/mt) or 5.0 percent since May 19.
In late May, steel prices moved down amid the slack demand from downstream users.