The China Iron and Steel Association (CISA) has announced that in early July (July 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.1376 million mt, down 5.56 percent compared to late June (June 21-30).
In late June, the average aggregate daily crude steel output of CISA members dropped 5.51 percent to 2.2635 million mt, as compared to mid-June (June 11-20).
Inventory levels in the Chinese steel market increased in the given period, signaling a seasonal demand slowdown. As of July 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.0573 million mt, increasing by 291,200 mt or 2.12 percent compared to June 30.
As of July 9, the average rebar price in the Chinese market was standing at RMB 5,063/mt ($781/mt) ex-warehouse, up by RMB 166/mt ($25.6/mt) or 3.39 percent from July 2 due to the continuous rising trend of rebar futures prices amid fears of production cuts later this year, according to SteelOrbis’ data.