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

Total steel inventories at the China Iron and Steel Association (CISA)-affiliated mills rose by 981,300 tonnes (t), or 6.67%, to 14.69 million tonnes (mnt) in early-November 2023 compared to 13.771 mnt in late-October 2023. However, inventories declined by 1.672 mnt, or 10.22%, m-o-m as against 16.36 mnt in early-October 2023. In addition, the same fell by 2.032 mnt, or 12.15%, y-o-y compared with 16.72 mnt in early-November 2022.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 1.971 mnt in early-November 2023, up by 2.43% from 1.924 mnt in late-October 2023. Also, output went down by 5.4% m-o-m against 2.083 mnt in early-October 2023. Moreover, output edged down by 0.81% y-o-y against 1.99 mnt in early-November 2022.

The average daily finished steel output stood at 1.953 mnt in early-November 2023, down by 5.4% from 2.065 mnt in late-October 2023. However, production was up by 2.02% y-o-y.

The average daily pig iron output stood at 1.862 mnt in early-November 2023, up 4.03% from 1.817 mnt in late-October 2023 . In addition, it increased by 2.91% y-o-y.