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The country produced 2.129 million tpd of crude steel over the first ten days of the month, up 0.46% from the preceding eleven days, according to estimates released by China Iron & Steel Assn (Cisa) on Wednesday September 18.
Output of Cisa member mills, which are mainly medium-sized to large steel mills, reached 1.7625 million tpd, up 1.28% from the previous period.
Their combined inventory totalled 12.595 million tonnes as at September 10, up 1.16% from that on August 31.
By the end of September 10, combined steel inventory at Cisa member mills totalled 12.595 million tonnes, up 1.16% from August 31.
“China’s daily crude steel output began to increase in late August, and the higher inventory reflects the weaker market,” a trader in Shanghai said.
Spot rebar prices in eastern China dropped by 4.6% from mid-August to 3,380-3,520 yuan per tonne on September 13, according to Steel First’s price archive.
China’s daily crude steel output rose in early September, putting more pressure on the market.