The China Association of Ferrous Metallurgy (CISA) announced that in early September (September 1-10) of this year, the average daily volume of crude steel production at large and medium-sized metallurgical enterprises in China - all CISA members - amounted to 1,924 million tons, which is 2.0% more than at the end of August (August 21-31) of this year.
At the end of August, the average daily volume of crude steel production at large and medium-sized metallurgical enterprises in China amounted to 1.885 million tons, which is 4.0% less than in the middle of August (August 11-20) this year.;
The level of reserves at large and medium-sized metallurgical enterprises in China also increased during this period. As of September 10, stocks of finished steel at large and medium-sized metallurgical enterprises in China amounted to 16.52 million tons, an increase of 1.7% compared with August 31.
Average daily steel production increased by 2.0% in early September, indicating that the short-term supply reduction has ended and steel mills are increasing production at a faster pace than the recovery in demand.
As SteelOrbis previously reported, China's steel industry is showing oversupply and weak demand from refineries, even entering the traditional peak season in September, the Chinese Association of Ferrous Metallurgy (CISA) called on domestic manufacturers to control production and strive to reduce inventories.
CISA called on Chinese metallurgists to strictly observe production controls and show greater self-discipline when reducing production and inventory, according to a statement posted on its WeChat account on September 15.
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