The China Iron and Steel Association (CISA) has announced that in early June (June 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.1092 million mt, up 0.8 percent compared to late May (May 21-31). In late May, the average aggregate daily crude steel output of the steel enterprises in question totaled 2.0925 million mt, up 0.58 percent compared to mid-May (May 11-20).
Inventory levels in the Chinese steel market rose slightly in the given period due to higher production and signs of slackening demand from downstream users due to the rainy weather in eastern and southern China. As of June 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 13.822 million mt, increasing by 4.03 percent compared to May 31.
The average rebar price in the Chinese domestic market has started to decline due to the rainy weather negatively affecting construction activities and demand for rebar. As of June 15, the average rebar price in the Chinese market was standing at RMB 3,753/mt ($531/mt) ex-warehouse, edging down by RMB 40/mt ($5.7/mt) from June 3, according to SteelOrbis’ data.
$1 = RMB 7.0755