The China Iron and Steel Association (CISA) has announced that in mid-May (May 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.3794 million mt, down 1.59 percent compared to early May (May 1-10).
Crude steel output in China was on the rise in late April and early May, reaching its peak. In early May, the average aggregate daily crude steel output of CISA members totaled 2.4178 million mt, up 0.75 percent compared to late April (April 21-30).
Inventory levels of mills in the Chinese steel market posted very small changes in the given period. As of May 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.6395 million mt, decreasing by 44,300 mt or just 0.3 percent compared to May 10.
As of May 21, the average rebar price in the Chinese market was standing at RMB 5,347/mt ($832/mt) ex-warehouse, down by RMB 850/mt ($132/mt) or 13.7 percent from May 10 amid the sharp declines in rebar futures prices due to the central government’s measures to curb rapid rises in commodity prices, according to SteelOrbis’ data.
$1 = RMB 6.4283