At the end of June, the average daily volume of crude steel production by large and medium-sized steel mills in China amounted to 2.024 million tons, which is 3.6 percent less than in mid-June (June 11-20) of this year.
The level of inventories of large and medium-sized metallurgical enterprises in China has increased over the specified period. As of July 10, the stocks of finished steel of large and medium-sized metallurgical enterprises in China amounted to 16.77 million tons, an increase of 3.0 percent compared with June 30.
Inventory levels increased by 3.0 percent in early July, compared with a 0.1 percent decrease in daily crude steel production, reflecting sluggish demand from end users amid a series of extremely adverse weather events during the period. In particular, according to data released by CISA, stocks rose sharply in northeast China, central-south China and east China by 14.9%, 11.7% and 5.9% compared to the end of June, respectively. Typhoon Bavi led to extremely heavy rainfall in northeast China, which contributed to the accumulation of stocks in early July.
