China: Steel inventories at CISA mills increase in early-March'24

The China Iron and Steel Association (CISA) reported steel inventory of key enterprises in early-March 2024 stood at 19.523 million tonnes (mnt), an increase of 1.504 mnt or 8.35% compared to 18.020 mnt in late-February. Moreover, inventories rose by 3.392 mnt or 21.03% m-o-m compared with 15.100 mnt in early-February. In addition, inventories surged by 10.28% y-o-y or 1.82 mnt compared to 17.740 mnt in early-March 2023.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.058 mnt in early-March, a decrease of 3.38% from 2.130 mnt in late-February. Also, output inched down by 0.6% m-o-m against 2.070 mnt in mid-February. In addition, output dropped by 4.36% y-o-y against 2.150 mnt in early-March 2023.

The average daily finished steel output stood at 1.927 mnt in early-March, fell by 6.65% from around 2.065 mnt in late-February this year. Moreover, production decreased by 4.81% y-o-y.

The average daily pig iron output stood at 1.843 mnt in early-March, down by 1.82% m-o-m; moreover, the same declined by 3.97% y-o-y.