As per the latest data released by the National Bureau of Statistics (NBS), the nation’s crude steel output stood at 154.7 MnT, up by 3% Y-o-Y basis in Jan-Feb’20 when compared with 150.05 MnT in the similar time frame of CY’19.
— It is believed that the gradual easing of coronavirus outburst can be attributed to a slight increase in nation’s crude steel output. Also, the government’s efforts to push the recovery of the steel demand lead to an increase in crude steel output in the first two months of CY’20.
— However, the NBS didn’t bifurcate the production for the Jan and Feb months owing to the extended Lunar New Year holidays starting late in January, and a further extended holiday due to novel coronavirus pandemic resulted to lesser working days and kept the market sentiments bearish.
— Chinese finished steel stocks climbed to a 5-year high in mid Feb’20, as per Mysteel as sales and deliveries remain impacted.
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