The China Iron and Steel Association (CISA) has announced that in mid-October (October 11-20) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9537 million mt, up 3.43 percent compared to early October (October 1-10). During the early October period, the average aggregate daily crude steel output of the mills in question had increased by 5.01 percent from late September (September 21-30).
High output and slack demand resulted in big rises in inventory levels in the Chinese steel market. As of October 20, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 13.2692 million mt, increasing by 6.45 percent compared to October 10. This followed a 14.99 percent increase in inventories as of October 10 compared to September 30.
As of November 4, the average rebar price was standing at RMB 3,880/mt, up RMB 23/mt ($3.3/mt) from October 21, while they had decreased by RMB 44/mt ($12/mt) in the October 11-21 period, according to SteelOrbis’ data.