The China Iron and Steel Association (CISA) has announced that in late October (October 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.968 million mt, up 0.7 percent compared to mid-October (October 11-20). During the mid-October period, the average aggregate daily crude steel output of the mills in question had increased by 3.43 percent from early October (October 1-10).
Better demand resulted in decreases in inventory levels in the Chinese steel market. As of October 31, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 11.471 million mt, decreasing by 13.55 percent compared to October 20. This followed a 6.45 percent increase in inventories as of October 20 compared to October 10.
As of November 12, the average rebar price was standing at RMB 3,967/mt ($566.2), up RMB 154/mt ($22/mt) from October 21, while they had increased by RMB 57/mt ($8.1/mt) in the October 21-31 period, according to SteelOrbis’ data.