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 2.2861 million mt, down 3.92 percent compared to mid-May (May 11-20).
In mid-May, the average aggregate daily crude steel output of CISA members totaled 2.3794 million mt, down 1.59 percent compared to early May (May 1-10). The decline in steel output in China accelerated, impacted by falling prices and the worsening outlook.
Inventory levels in the Chinese steel market decreased in the given period. As of May 31, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 13.406 million mt, decreasing by 1.2335 million mt or 8.43 percent compared to May 20.
As of May 31, the average rebar price in the Chinese market was standing at RMB 5,210/mt ($832/mt) ex-warehouse, down by RMB 137/mt ($21.4/mt) or 2.6 percent from May 21 amid the downtrend in rebar futures prices, according to SteelOrbis’ data.