CISA mills’ inventories decline in late Nov amid lower steel output

Tuesday, 10 December 2019 17:33:40 (GMT+3)   |   Shanghai

The China Iron and Steel Association (CISA) has announced that in late November (November 21-30) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9647 million mt, down 1.58 percent compared to mid-November (November 11-20), whereas in the middle of the month production had indicated a gradual increase.

The good demand in the given period amid lower output resulted in decreases in mills’ inventory levels in the given period. As of November 30, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 11.81 million mt, decreasing by 2.43 percent compared to November 20. This followed a 1.33 percent decrease in inventories as of November 20 compared to November 10.

Long steel prices in China were fluctuating within a limited range in late November, but posted some visible declines in early December. As of December 9, the average rebar price in the Chinese market was standing at RMB 4,070/mt ($578/mt), down RMB 220/mt ($31/mt) from November 30, while it had decreased by just RMB 13/mt ($1.8/mt) or 0.3 percent in the November 21-30 period, according to SteelOrbis’ data.

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