Posted on 16 Sep 2022
Daily crude steel output among the member mills of the China Iron & Steel Association (CISA) rose further over September 1-10, growing by another 3.3% or 66,300 tonnes/day from the prior ten days to average 2.1 million t/d, according to an association announcement on Thursday.
Based on the latest result, CISA also estimated the country's daily crude steel output at 2.81 million t/d for the last ten days of September, or up 0.9% from August 21-31.
As of September 10, finished steel stocks held by the association's member mills had grown by 7% or 1.1 million tonnes from then total on August 31 to reach 17.1 million tonnes, though the volume was some 51.1% higher than the number at the start of 2022, CISA said.
CISA's survey result matched the trend indicated by a Mysteel survey among a larger sample of 247 blast-furnace and 85 electric-arc-furnace steel mills across China, as their daily steel output increased too during the same period by 3.7% or 102,100 t/d from August 21-31 to an average of 2.86 million t/d in early September, as reported.
Domestic steel prices had remained largely stable till September 9, with the national price of HRB400E 20mm dia rebar under Mysteel's assessment, for example, edging up by just Yuan 1/tonne ($0.1/t) from August 31 to Yuan 4,135/t including the 13% VAT as of September 9.
Meanwhile, spot steel sales had shown signs of improvement over the same period, as the daily trading volume of construction steel including rebar, wire rod and bar-in-coil among the 237 Chinese trading houses Mysteel tracks jumped by 26,510 t/d or 18.3% from that for late August to average 171,034 t/d for early September.
Source:Mysteel Global
