China: Steel inventories at CISA mills continue to rise in mid-Dec'23

The China Iron and Steel Industry Association reported steel inventory of key steel enterprises in mid-December 2023 at 15.017 million tonnes (mnt), an increase of 910,400 tonnes (t) or 6.45% against 14.106 mnt in early-December 2023. However, inventories decreased by 313,400 t or 2.04% m-o-m compared with 15.33 mnt in mid-November 2023. In addition, the same fell by 6.09% y-o-y or 973,600 t compared to 15.99 mnt in mid-December 2022.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 1.929 mnt in mid-December 2023, down slightly by 0.14% from 1.932 mnt in early-December 2023. Also, output went down by 2% m-o-m against 1.969 mnt in mid-November 2023. In addition, output fell by 1.78% y-o-y against 1.96 mnt in mid-December 2022.

The average daily finished steel output stood at 1.961 mnt in mid-December 2023, up by 2.55% from 1.913 mnt in early-December 2023. Moreover, production went up by 2.39% y-o-y.

The average daily pig iron output stood at 1.815 mnt in mid-December 2023, marginally up by 0.01% from 1.814 mnt in early-December 2023. In addition, it went up by 2.37% y-o-y.