CISA mills’ daily steel output up further in late May, inventories down sharply

Thursday, 04 June 2020 12:21:05 (GMT+3)   |   Shanghai
       

The China Iron and Steel Association (CISA) has announced that in late May (May 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 2.0925 million mt, up 0.58 percent compared to mid-May (May 11-20).

The inventory levels in the Chinese steel market decreased amid good demand from downstream users. As of May 31, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 13.286 million mt, decreasing by 10.73 percent compared to May 20.

The average rebar price in the Chinese domestic market has moved up further due to the uptrend seen in rebar futures prices and iron ore prices. As of June 3, the average rebar price in the Chinese market was standing at RMB 3,793/mt ($534/mt) ex-warehouse, moving up by RMB 56/mt ($7.9/mt) from May 22, according to SteelOrbis’ data.


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