The China Iron and Steel Industry Association (CISA) reported steel inventory of key steel enterprises in late-January 2024 at 12.199 million tonnes (mnt), decrease by 3.155 mnt or 20.55% against 15.354 mnt in mid-January 2024. Moreover, inventories fell by 160,300 tonnes (t) or 1.03% m-o-m compared with 12.36 mnt in late-December 2023. In addition, the same fell by 26.01% y-o-y or 4.2878 mnt compared to 16.48 mnt in late-January 2023.
Production volumes
The average daily crude steel output of CISA-affiliated mills stood at 2.0166 mnt in late-January 2024, fell by 3.69% from 2.093 mnt in mid-January 2024. Also, output rose by 21% m-o-m against 1.666 mnt in late-December 2023. In addition, output went up by 1.48% y-o-y against 1.980 mnt in late-January 2023.
The average daily finished steel output stood at 1.9676 mnt in late-January 2024, edged down by 2.90% from 2.026 mnt in mid-January 2024. Moreover, production increased by 2.62% y-o-y.
The average daily pig iron output stood at 1.779 mnt in late-January 2024, decreased by 6% from 1.893 mnt in mid-January 2024. In addition, it went up by 1.61% y-o-y.