CISA: China’s early Jul steel output down another 0.5%
Despite the modest decline, China’s crude steel production has been hovering at a rather high level in the first ten days of July, or 5.8% higher on year, indicating that most Chinese steelmakers have been keen to produce when the steel margins have stayed positive, Mysteel Global notes.
Basing on the statistics of its member steel mills, CISA estimated the country’s total crude steel production at an average of 2.98 million t/d in the first ten days of July, or having reversed down 0.3% from the last ten days of June but still up 4.7% on year, according to the release.
The estimation matched Mysteel’s survey among 247 blast-furnace and 71 electric-arc-furnace steel producers in China, which showed that their daily crude steel production eased 0.6% from June 21-30 but up 4.4% on year, 2.93 million t/d over July 1-10 on average.
Finished steel inventories at CISA’s 97 member mills remained largely unchanged at 13.6 million tonnes, up 400 tonnes from June 30 with less output but the continuing consumption.
China’s steel prices and daily trading volume recovered in early July despite the hot and humid weather in many parts of China, mainly borrowing the support from the overall market sentiment improvement, Mysteel Global noted.
As of July 10, China’s national price of HRB 400 20mm dia rebar grew by Yuan 50/tonne ($7.1/t) from June 30 to Yuan 3,806/t including the 13% VAT, and the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 traders across China recovered 15.3% in ten days to 231,808 t/d on average over July 1-10, according to Mysteel’s data.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Hongmei Li, li.hongmei@mysteel.com
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