The China Iron and Steel Association (CISA) has announced that in early February (February 1-10) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9235 million mt, down 4.47 percent compared to late January (January 21-31) this year. The drop was due to the long holiday in China and the production restrictions implemented before and during the Winter Olympics.
In late January, output of all CISA members had totaled 2.0136 million mt, up 1.32 percent compared to mid-January (January 11-20).
Inventory levels in the Chinese steel market increased significantly in the given period. As of February 10, the finished steel inventories of large and medium-sized steel enterprises in China amounted to 16.854 million mt, rising by 3.1714 million mt or 23.18 percent compared to January 31.
As of February 11, rebar futures at the Shanghai Future Exchange were standing at RMB 4,905/mt ($770/mt), increasing by RMB 76/mt ($12/mt) or 1.6 percent since January 28.