China: Steel inventory of CISA mills declines in mid-May'23

Steel inventory of China Iron and Steel Association (CISA)-affiliated mills declined by 1.34 million tonnes (mnt) or 7.65% to 16.26 million tonnes (mnt) in mid-May 2023 as compared to that recorded in early-May 2023.

Inventory fell by 2.27 mnt or 12.28% as against mid-April and by 3.7 mnt or 18.59% compared to the same period last year.

Crude steel production

The average daily crude steel output of CISA-affiliated mills stood at 2.25 mnt in mid-May, largely stable (-0.24%) from early-May. Output edged lower by 1.5% as compared with mid-April.

The average daily finished steel output stood at 2.14 mnt, up 2.53% from early-May. Production registered a fall of 3.59% y-o-y.

The average daily pig iron output stood at 2 mnt in mid-May, down marginally by 0.52% as against early-May and decreasing by 1.75% compared to the same period last year.