Posted on 17 Dec 2021
Over December 1-10, daily crude steel output among the member mills of the China Iron & Steel Association (CISA) recovered by 12.7% or 217,400 tonnes/day from the last 10 days of November to average 1.93 million t/d, according to the association's latest release on December 15. The sharp rebound was mainly due to the substantial increases in output among some major Chinese mills, Mysteel Global noted.
The CISA tracks its member mills' steel output three times a month, and based on the latest result, it estimated that the country's total daily crude steel output averaged 2.45 million t/d over December 1-10, up 11.4% from late November.
As of December 10, finished steel stocks at the member mills grew by 6.9% or 858,200 tonnes from November 30 to 13.34 million tonnes, or 14.8% higher from the start of 2021, chiefly as the steel demand weakened in a tepid consumption season.
During the first 10 days of December, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese traders under Mysteel's tracking averaged 177,827 t/d, down 5,041 t/d or 2.8% from late November.
Meanwhile, Chinese steel prices recovered further during early December on the improved market sentiment, with the country's national price of HRB400E 20mm dia rebar under Mysteel's assessment gaining by Yuan 53/tonne ($8.3/t) from November 30 to Yuan 4,827/t including the 13% VAT as of December 10.
Source:Mysteel Global
