The China Iron and Steel Association (CISA) has announced that in early February (February 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.0621 million mt, up 3.77 percent compared to late January (January 21-31) this year.
Following the Chinese New Year holiday and the Lantern Festival in January, Chinese steelmakers resumed their production gradually, resulting in the rises in steel output, while though demand for steel has not improved as much as expected, which contributed to increases in inventory levels.
In late January this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China totaled 1.9872 million mt, up 2.61 percent compared to mid-January (January 11-20) this year.
Inventory levels in the Chinese steel market increased in the given period. As of February 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 18.0295 million mt, rising by 9.36 percent compared to January 31.
As of February 10, rebar futures at the Shanghai Future Exchange were standing at RMB 4,074/mt ($597/mt), declining by RMB 69/mt ($10.1/mt) or 1.7 percent since January 31.