China: Steel inventory of CISA-affiliated mills drops in late Feb’23

Steel inventory at China Iron and Steel Industry Association-(CISA) affiliated mills dropped in late-February 2023. However, crude steel production increased significantly in the same period.

Steel inventory:

• Steel inventory at CISA mills stood at 17.41 mnt in late-February. The volume decreased by 2.11 mnt or 10.80% over 19.53 mnt in mid-February.
• Inventory rose by 932,900 tonnes (t) or 5.66% compared to late-January 2023.
• Inventory increased by 1.31 mnt or 8.19% compared to the year-ago period.

Crude steel output:

• The average daily crude steel output of CISA-affiliated mills stood at 2.22 mnt in late-February, up 6.09% from mid-February.
• The average daily finished steel output stood at 2.25 mnt in the period under review, up 10.01% m-o-m. The same grew by 8.1% y-o-y.
• The average daily pig iron output stood at 2.00 mnt in late-February, up by 5.59% m-o-m and 9.5% y-o-y.