The China Iron and Steel Association (CISA) has announced that in early November (November 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9891 million mt, up 1.07 percent compared to late October (October 21-31).
Higher output resulted in increases in inventory levels in the Chinese steel market in the given period, though demand was still at decent levels. As of November 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 12.3098 million mt, increasing by 7.31 percent compared to October 31. This followed a 13.55 percent decrease in inventories as of October 31 compared to October 20.
As of November 22, the average rebar price in the Chinese market was standing at RMB 4,303/mt ($611.7), up RMB 426/mt ($61/mt) from November 1, while it had increased by RMB 53/mt ($7.5/mt) in the November 1-10 period, according to SteelOrbis’ data.