China: Steel inventories at CISA mills rise in early-Dec'23

The China Iron and Steel Industry Association reported steel inventory of key steel enterprises in early-December 2023 at 14.106 million tonnes (mnt), an increase of 1.143 mnt or 8.82% against 12.963 mnt in late-November 2023. However, inventories decreased by 583,600 tonnes (t) or 3.97% m-o-m compared with 14.69 mnt in early-November 2023. In addition, the same fell by 8.05% y-o-y or 1.24 mnt compared to 15.342 mnt in early-December 2022.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 1.932 mnt in early-December 2023, down by 4.19% from 2.016 mnt in mid-November 2023. Also, output went down by 2% m-o-m against 1.971 mnt in early-November 2023. In addition, output fell by 2.77% y-o-y against 1.98 mnt in early-December 2022.

The average daily finished steel output stood at 1.913 mnt in early-December 2023, down by 12.26% from 2.18 mnt in late-November 2023. However, production edged up by 0.79% y-o-y.

The average daily pig iron output stood at 1.814 mnt in early-December 2023, down 3.21% from 1.875 mnt in late-November 2023. However, it went up by 1.76% y-o-y.