China: Steel inventories at CISA mills continue upward trend in mid-Jan'24

The China Iron and Steel Industry Association (CISA) reported steel inventory of key steel enterprises in mid-January 2024 at 15.354 million tonnes (mnt), increase by 0.96 mnt or 6.67% against 14.394 mnt in early-January 2024. However, inventories rose by 338,000 tonnes (t) or 2.25% m-o-m compared with 15.017 mnt in mid-December 2023. In addition, the same fell by 4.45% y-o-y or 741,300 t compared to 16.069 mnt in mid-January 2023.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.093 mnt in mid-January 2024, up by 3.70% from 2.019 mnt in early-January 2024. Also, output rose by 8.5% m-o-m against 1.929 mnt in mid-December 2023. In addition, output went up by 8.12% y-o-y against 1.930 mnt in mid-January 2023.

The average daily finished steel output stood at 2.0263 mnt in mid-January 2024, edged down by 6.54% from 2.019 mnt in early-January 2024. Moreover, production increased by 11.90% y-o-y.

The average daily pig iron output stood at 1.893 mnt in mid-January 2024, increased by 4.95% from 1.804mnt in early-January 2024. In addition, it went up by 6.20% y-o-y.