China: Steel inventories at CISA-affiliated mills rise by 4% in mid-Aug’25

• Inventories drop 5% y-o-y, remain stable m-o-m
• Daily crude steel output rises 2% since early-Aug

The China Iron and Steel Association (CISA) has announced that the total steel inventory at key Chinese enterprises in mid-August 2025 stood at 15.67 million tonnes (mnt), increasing by 600,000 tonnes (t) or 4% as compared to 15.07 mnt in early-August 2025.

Moreover, inventories increased by a minor 10,000 t or 0.1% m-o-m from 15.66 mnt in the same period previous month.

Compared to the same period last year, inventories decreased by 780,000 t or 4.7% from 16.45 mnt.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.115 mnt in mid-August, up by 2% from early-August. Additionally, the same was up by 6.1% from 1.99 mnt in mid-August 2024.

The average daily finished steel output reached 2.049 mnt in mid-August, up by around 2.2% from 2.005 mnt in early-August. However, on a y-o-y basis, the same rose by 9%.

Average pig iron output stood at 1.924 mnt in mid-August, up marginally by 0.5% against 1.914 mnt in early-August. Additionally, on a y-o-y basis, output increased by 5.6%.

Outlook

China’s steel market in mid-August saw firm supply but rising inventories amid weak demand. Price gains were futures-led, while policy curbs and speculative checks kept sentiment cautious. In the near term, while construction activity is expected to recover, boosting steel trade, the market is expected to remain under pressure due to broader demand concerns.