China: Steel inventories at CISA mills increase in mid-Feb'24

The China Iron and Steel Association (CISA) reported steel inventory of key enterprises in mid-February 2024 at 18.978 million tonnes (mnt), an increase of 2.8472 mnt or 17.65% compared to 15.100 mnt in early-February. Moreover, inventories rose by 3.624 mnt or 23.6% m-o-m compared with 15.354 mnt in mid- January. In addition, inventories fell by 2.82% y-o-y or 551,100 t compared to 19.530 mnt in mid-February 2023.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.100 mnt in mid-February, an increase of 1.50% from 2.070 mnt in early-February. Also, output rose by 0.3% m-o-m against 2.093 mnt in mid-January. In addition, output went up by 0.39% y-o-y against 2.090 mnt in mid-February 2023.

The average daily finished steel output stood at 1.985 mnt in mid-February, up by 3.78% from around 1.912 mnt in early-February this year. Moreover, production decreased by 3.36% y-o-y.

The average daily pig iron output stood at 1.904 mnt in mid-February, up by 2.91% m-o-m from 1.851 mnt in early-February; moreoever, output inched up by 0.44% y-o-y.