The China Iron and Steel Association (CISA) has announced that in early August (August 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.04 million mt, down 2.97 percent compared to late July (July 21-31).
Production continued to go down after the 3.97 percent drop in late July as compared to mid-July.
At the same time, inventory levels in the Chinese steel market increased in the given period due to the worsening of demand. As of August 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.6221 million mt, increasing by 0.8084 million mt or 5.85 percent compared to July 31.
As of August 10, the average rebar price in the Chinese market was standing at RMB 5,327/mt ($822/mt) ex-warehouse, down by RMB 93/mt ($14/mt) or 1.7 percent from July 30, according to SteelOrbis’ data, reflecting the weakening of demand.