China: Key CISA mills churn out 23.7 mnt crude steel in late-Mar'22

Major Chinese steel mills have churned out 23.76 million tonnes (mnt) of crude steel during the last ten days of March 2022 (21-31 March), latest data released by China Iron and Steel Association (CISA) shows.

Pig iron production during the same period stood at 20.44 mnt while finished steel output was recorded at 23.28 mnt.

Average daily output in late-March

The average daily crude steel output in the period under review stood at 2.16 mnt, up 5.41% from the level seen in mid-March (11-20 March 2022). The average daily output of pig iron was at 1.85 mnt, up 3.47% compared to mid-March while the daily finished steel output was at 2.11 mnt, higher by 5.18% compared to the preceding 10-day period.

Inventory

The inventory in the last 10 days of March 2021 was down by 17.77% i.e. 3.1 mnt from the peak figure logged in the first 10 days of that month. The reduction speed of inventory in March 2022 is apparently slower than that of last year, mainly due to pent-up demand curbed by surging Covid cases.