The China Iron and Steel Association (CISA) revealed that the total steel inventory at key Chinese enterprises stood at 16.24 million tonnes (mnt) in early-March 2025. Inventory levels decreased by 70,000 tonnes (t ) or 2.5% against 16.31 mnt in late-February 2025. However, the inventory went up marginally by 30,000 t or 0.2% m-o-m from 16.21 mnt in early-February. y-o-y, steel inventories dropped by 3.28 mnt or 16.8% compared to 19.52 mnt in early-March 2024.
Production volumes
The average daily crude steel output of CISA-affiliated mills touched 2.132 mnt in early-March, declining by 5.6% compared to 2.259 mnt in late-February.
The average daily finished steel output stood at 2.007 mnt in early-March, a decrease of 12.8% against 2.301 mnt in late-February. Moreover, y-o-y, output rose by 4.1%.
Average pig iron output stood at 1.888 mnt in early-March, reflecting a decrease of 5% against 1.986 mnt in late-February. Furthermore, y-o-y, output increased by 3.6%.
Outlook
CISA’s early March data shows mixed trends. Steel inventories dropped slightly since late February and significantly y-o-y, while crude steel and pig iron production dipped recently yet grew annually. These patterns suggest short-term production adjustments, while long-term prospects remain optimistic. The steel sector’s outlook in the coming months will be shaped by government policies, infrastructure demand, and global market conditions.
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