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.
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