Crude steel output at mills operated by China Iron & Steel Association member companies over April 1-10 averaged 1.876 million mt/day, up 5.04% from the 10 days prior, according to CISA Monday.
This is versus a drop of 0.07% over March 21-31 compared to 10 days earlier.
The daily average over the first 10 days of April was also 1.56% higher than the same period last year.
Finished steel stocks at CISA member mills as of April 10 were up 7.46% from March 31 at 14.38 million mt. The stocks had also inched up 0.68% year on year, it said.
CISA estimated China’s total crude steel output in early April to have averaged at 2.41 million mt/day, up 4.25% from late March and 4.34% from a year ago.
The rise in crude steel output was within market expectations as more mills in northern China were ramping up their blast furnace operating rates after winter output cuts, which ended over March 15-31 depending on the city.
A northeastern China-based mill source expects steel prices to be on an uptrend in the short term, as end-user demand continues to recover and finished steel inventories are declining.
The combined inventories of rebar, wire rod, HRC, CRC and plate in major Chinese cities had slid 20.1% month on month to 15.02 million mt as of April 20, according to Chinese information provider Mysteel.
According to S&P Global Platts assessment, prices of HRB400 18-25 mm rebar in Beijing’s dealer market rose 2.1% or Yuan 80/mt ($13/mt) from a week earlier to Yuan 3,825-3,835/mt as of April 20.