China’s average daily crude steel production rose to 2.273mn mt in early-April up by 2.88pc from late-March and up by 16.86pc from a year ago, according to the data released by China Iron and Steel Association (CISA).
Steel mills raised production compared to the prior 10-day period amid improved margins and rising demand. Production levels were elevated from the prior year due to a lower base last year caused by the impact of the COVID-19 pandemic.
|China’s average daily output in early-April (mn mt)|
Early-April, daily steel products’ output, however, dipped to 2.090mn mt, down by 5.81pc from late-February. But output was up by 14.71pc from the prior year, while Pig iron production was at 1.96mn mt, up by 2.55pc from the prior year, while down by 9.88pc from the prior 10-day period. CISA compiles production data from around 90 statistically significant steel producers across China.
Key steelmakers produced 22.739mn mt of crude steel in the first 10-day of April, up by 2.65pc from the prior period and up by 16.86pc from the prior year. Steel products output rose to 20.907mn mt, a decrease of 1.83pc from the prior period and up by 14.67pc from a year ago.
Steel inventories at key producers in early- February rose to 15.495mn mt, an increase of 5.36pc or 788,900mt from late-February, while down by 13.68pc or 2.45mn mt from the prior year.