China’s crude steel output in the last 11 days of Aug’21 stood at 22.57 mn t, while finished steel production was at 23.02 mn t, data collected from mills which are members of the China Iron and Steel Association (CISA) shows. Importantly, daily crude steel production in the period under review was around 2.05 mn t even as daily finished steel output stood at 2.09 mn t.
Interestingly, daily crude steel output in the last 11 days of Aug fell by close to 4% compared to the preceding 10-day period. Finished steel production decreased at a slower pace of 1.54%. However, crude and finished steel production slumped 4.98% and 4.59%, respectively, in the last 11 days of Aug in comparison with the corresponding period last year.
Similarly, average daily crude steel production in Aug stood at around 2.09 mn t, with total crude steel output for the month at a little over 65 mn t from mills affiliated with CISA. Daily output in Aug decreased by 2.06%, m-o-m, while the decline was a tad higher at 2.27% on year.
Finished steel output for the month was at 63.49 mn t, while average daily output stood at 2.04 mn t. Average finished steel production declined by 0.98% on month and over 2%, y-o-y.
Steel inventories decline
As per CISA data gleaned by SteelMint, total steel inventory at key mills at end of Aug stood at 13.42 mn t, down 1.5 mn t, or over 10%, in comparison with the preceding 10-day period. Inventory at key mills was recorded to have declined by 386,500 t, or 2.8% on a monthly basis.
On a yearly basis, however, inventories have increased by a little more than 1.5 mn t, or 8.55%. The increase is even higher – by over 15% – compared to the beginning of 2021, CISA data reveals.
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