China: Steel inventories at CISA mills rise in early-Feb'24

The China Iron and Steel Association (CISA) reported steel inventory of key enterprises in early-February 2024 at 15.100 million tonnes (mnt), an increase of 2.901 mnt or 23.78% compared to 12.199 mnt in late-January. Moreover, inventories rose by 705,700 t or 4.9% m-o-m compared with 14.394 mnt in early-January 2024. In addition, inventories fell by 16.25% y-o-y or 2.92 mnt compared to 18.020 mnt in early-February 2023.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.070 mnt in early-February, an increase of 2.64% from 2.016 mnt in late-January. Also, output rose by 2.5% m-o-m against 2.019 mnt in early-January. In addition, output went up by 0.38% y-o-y against 2.060 mnt in early-February 2023.

The average daily finished steel output stood at 1.912 mnt in early-February, down 2.79% from around 1.96 mnt in late-January this year. Moreover, production decreased by 1.08% y-o-y.

The average daily pig iron output stood at 1.851 mnt in early-February, up 4% from 1.779 mnt in late -January; however, output fell by 2.13% y-o-y.