According to a report released by the China Iron and Steel Association (CISA), overall domestic inventories of the main finished steel products in China as of March 4 this year totaled 12.68 million mt, up 0.42 percent compared to the end of February, while they totaled 12.22 million mt as of March 11, down 3.63 percent compared to March 4 amid the soft trend of finished steel prices.
As indicated by the CISA, in the January-February period of the current year Chinese finished steel exports amounted to 17.85 million mt, down 1.3 percent year on year, adding to the pressure from oversupply in the domestic finished steel market.
Currently, more steel enterprises have stepped up their production activities due to the warmer weather conditions, while the imbalance between supply and demand remains the root cause of difficulties in the domestic steel industry. The CISA said that finished steel prices in China will likely follow a fluctuating trend in the coming period.