China’s daily crude steel output rose in early September, putting more pressure on the market.
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 on 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.