The China Iron and Steel Association (CISA) has announced that in late February (February 21-28) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.0907 million mt, up 15.57 percent compared to mid-February (February 11-20) this year.
In mid-February this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China totaled 1.8989 million mt, down 1.28 percent compared to early February (February 1-10) this year.
Inventory levels in the Chinese steel market decreased in the given period. As of February 28, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 16.1007 million mt, decreasing by 802,800 mt or 4.75 percent compared to February 20.
As of February 28, rebar futures at the Shanghai Future Exchange were standing at RMB 4,693/mt ($745/mt), decreasing by RMB 152/mt ($24.1/mt) or 3.1 percent since February 21.
In late February, inventory levels in the steel market declined, reflecting improved demand for steel, and this situation will likely continue in the coming traditional peak season.
$1 = RMB 6.3288