Posted on 17 Aug 2022
Daily crude steel output among member mills of China Iron & Steel Association (CISA) had finally started recovering from the persistent decline that started in early June, rising by 2.8% or 53,100 tonnes/day from late July to 1.94 million t/d in the first 10 days of August, according to CISA's new sharing on Monday.
Based on the latest result, CISA also estimated the country's daily crude steel output at 2.73 million t/d over August 1-10, or up 2.1% from the last 11 days of July.
Mysteel's survey among 332 Chinese steel mills including 247 blast-furnace and 85 electric-arc-furnace mills showed a similar trend in terms of their production over the first 10 days of August, which reversed up 2.4% or 61,000 t/d from the prior 11 days to 2.61 million t/d on average, as reported.
As of August 10, the member mills' finished steel stocks reversed up 2.7% or 453,700 tonnes from July 31 to 17.05 million tonnes, significantly higher by 50.9% from the start of 2022, according to the CISA data. The result was chiefly due to the fact that demand picked up slowly during the non-peak season for steel use.
Mysteel's survey among 237 Chinese steel trading houses showed that their daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil averaged 154,662 t/d, or having slipped 11,526 t/d or 6.9% from that for late July.
Meanwhile, Chinese steel prices strengthened further in early August, with the national price of HRB400E 20mm dia rebar, a barometer of the country's steel-market sentiment under Mysteel's assessment reaching Yuan 4,283/tonne ($632/t) including the 13% VAT by August 10, Yuan 96/t higher from the end of July.
Source:Mysteel Global
