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China: Steel inventories at CISA-affiliated mills decline in late Oct'24

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6 Nov 2024, 15:10 IST
China: Steel inventories at CISA-affiliated mills decline in late Oct'24

The China Iron and Steel Association (CISA) has reported that total steel inventory at key enterprises reached 13.64 million tonnes (mnt) in late-October 2024. This represents a decline of 11.8% or 1.82 mnt from 15.46 mnt in mid-October. Moreover, inventory levels decreased by 640,000 tonnes (t) or 4.5% m-o-m against 14.28 mnt in late-September 2024. Furthermore, compared to late-October 2023, inventory levels dropped by 0.9% y-o-y or 131,000 t compared to 13.77 mnt.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.093 mnt in late-October, an increase of 1% compared with 2.072 mnt in mid-October. Moreover, output rose by 4% m-o-m from 2.014 mnt in late-September. Furthermore, the same hiked by 8.8% y-o-y from 1.924 in late-October 2023.

The average daily finished steel output stood at 2.119 mnt, up by 5.6% from 2.007 mnt in mid-October 2024. Y-o-y, daily output increased by 2.6%.

Average pig iron output stood at 1.885 mnt in late-October, an increase of 1.2% as compared to 1.862 mnt in mid-October. Y-o-y, output rose by 3.8%.

Outlook

China's steel industry is likely to continue in its own trajectory in the near term, driven by domestic demand and increasing production. However, it is essential to monitor global economic conditions, environmental regulations, and raw material prices to assess the long-term outlook.

Moreover, Chinese government policies, particularly those related to environmental sustainability and infrastructure investment, will play a crucial role in determining the industry's future trajectory.

6 Nov 2024, 15:10 IST

 

 

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