The China Iron and Steel Association (CISA) has announced that in mid-June (June 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.2627 million mt, up 1.42 percent compared to early June (June 1-10) this year.
In early June this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China had totaled 2.2311 million mt, up 6.48 percent compared to late May (May 21-31) this year.
Inventory levels in the medium-sized steel enterprises in China increased in the given period. As of June 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 16.222 million mt, rising by 2.64 percent compared to June 10.
As of June 20, rebar futures at the Shanghai Future Exchange were standing at RMB 3,743/mt ($525/mt), increasing by RMB 32/mt ($4.5/mt) or 0.86 percent since June 9.
In mid-June, inventories of rebar and wire rod indicated decreases of 2.8 percent and 7.6 percent, exerting a positive impact on steel prices.
On June 20, the People’s Bank of China (PBOC) announced that China cuts one-year and five-year loan prime rate (LPR) by 10 basis points to 3.55 percent and 4.2 percent on June 20 2023, aiming to ease the pressure against the financial tightness and exert a positive impact on market players’ sentiments.