SHANGHAI Chinas daily crude steel output fell in late January before the weeklong Chinese New Year holiday.
The country produced 1.96 million tonnes per day of crude steel during the final 11 days of the month, down 2.1 percent from mid-January, according to China Iron and Steel Association (Cisa) data released Feb. 13.
Cisa member mills output averaged nearly 1.66 million tonnes per day in late January, down 2.5 percent from the middle of the month. Member mills combined inventory of finished steel totaled nearly 13.61 million tonnes Jan. 31, up 4.3 percent from Jan. 20 and 16.6 percent higher than at the start of the year, the Cisa data show.
"The rising inventory of unsold products reflect the weaker-than-expected demand, and will continue to put pressure on the steel market," a steel mill source in Hebei province told AMM sister publication Steel First.
A version of this article was first published by AMM sister publication Steel First.