SHANGHAI, May 8 (SMM) – Daily crude steel output across China Iron and Steel Association (CISA) key mills averaged 2.01 million mt in April 21-30, up 3.1% from April 11-20 and up 0.45% from the same period last year, according to the latest data from CISA.
During the same period, average daily production of pig iron across those CISA key mills grew 3.16% from mid-April to stand at 1.84 million mt. Daily output of steel products increased 8.77% to 2.04 million mt.
As of April 30, inventories of steel products across those mills stood at 14.73 million mt, down 2.69 million mt, or 15.45%, from April 20. Compared with the beginning of the year, the inventories were nearly 5.2 million mt, or 54.51% higher.
While production expands, inventory pressure at steel plants continued to reduce on the back of growing consumption, and this may provide upward momentum in near-term steel prices.
Separately, CISA data showed that social inventories of hot- and cold-rolled plates/coils, heavy & medium plates, wire rods and rebar in 20 Chinese cities stood at 16.24 million mt as of the end of April, down 930,000 mt, or 5.4% from April 20.