China: Steel inventories at CISA-affiliated mills decrease in late-April'24

The China Iron and Steel Association (CISA) reported total steel inventory of key enterprises in late-April 2024 stood at 15.881 million tonnes (mnt), down by 2.235 mnt or 12.34% compared to 18.116 mnt in mid-April. Moreover, inventory dropped by 2.546 mnt or 13.82% m-o-m compared with 18.427 mnt in late-March and was also down by 12.31% y-o-y or by 2.229 mnt compared to 18.110 mnt in late-April 2023.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.199 mnt in late-April, up by 3.8% from 2.119 mnt in mid-April. Whereas, output rose by 3.7% m-o-m against 2.121 mnt in late-March. However, output edged down by 0.33% y-o-y against 2.207 mnt in late-April 2023.

The average daily finished steel output stood at 2.150 mnt in late-April, up by 4.94% from 2.049 mnt in mid-April this year. However, production decreased by 5.1% y-o-y.

The average daily pig iron output stood at 1.924 mnt in late-April, edged up by 1.5% m-o-m from 1.896 mnt in mid-April. Moreover, production declined by 5.17% y-o-y.

Outlook:

The Chinese steel market seems to be recovering with decreasing inventories and rising production. However, on a y-o-y basis, production figures haven't fully recovered, indicating some remaining uncertainty.