China’s average daily crude steel production fell to 2.154mn mt in early-February down by 1.02pc from late-January, while up by 11.09pc from a year ago, according to the data released by China Iron and Steel Association (CISA). Steel mills lowered production compared to the prior 10-day period ahead of the Chinese New Year, while production levels were elevated from the prior year due to a lower base amid the impacted of the COVID-19 pandemic last year.
Early-February, daily steel products’ output rose to 2.017mn mt, up by 14.71pc from the prior year while down by 8.13pc from late- January. Pig iron production was at 1.91mn mt, up by 6.61pc from the prior year, while down by 0.21pc from the prior 10-day period.
|China’s average daily output in early-Feb (mn mt)|
CISA compiles production data from around 90 statistically significant steel producers across China. In early-February, key steelmakers produced 28.085mn mt of crude steel, down by 0.73pc from the prior period and up by 7.48pc from the prior year. Steel products output rose to 36.459mn mt, a decrease of 3.91pc from the prior period and up by 17.75pc from a year ago.
Steel inventories at key producers in early- February rose to 14.468mn mt, an increase of 5.13pc or 705,500mt from late-January, while down by 21.86pc or 4.04mn mt from the prior year.