The China Iron and Steel Association (CISA) has announced that in late March (March 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.8269 million mt, down 0.53 percent compared to mid-March (March 11-20).
Inventory levels in the Chinese steel market indicated big declines in late March as demand improved amid the further resumption of production by downstream industries. As of March 31, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 18.0666 million mt, decreasing by 8.87 percent compared to March 20. Nevertheless, inventories were still much far higher than normal levels, which exerted a negative impact on prices.
Accordingly, the average rebar price in the Chinese domestic market decreased in late March. As of March 31, the average rebar price in the Chinese market was standing at RMB 3,553/mt ($500.9/mt) ex-warehouse, down RMB 54/mt ($7.6/mt) from March 20, according to SteelOrbis’ data.
$1 = RMB 7.0939