The China Iron and Steel Association (CISA) has announced that in early May (May 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China – all CISA members – totaled 2.0517 million mt, up 1.97 percent compared to late April (April 21-30).
Inventory levels in the Chinese steel market were almost stable in the given period, with higher production being consumed owing to seasonally good demand. As of May 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 14.6618 million mt, decreasing by just 0.45 percent compared to April 30.
The average rebar price in the Chinese domestic market has moved up due to the uptrend seen in rebar futures prices and the good demand from downstream users. As of May 11, the average rebar price in the Chinese market was standing at RMB 3,610/mt ($509.4/mt) ex-warehouse, rising by RMB 67/mt ($9.5/mt) from April 30, according to SteelOrbis’ data.
$1 = RMB 7.0875