Chinese key steel mills' daily crude steel output rose 3.63% over March 21-31 compared to previous ten days, according to data released by China Iron and Steel Association (CISA).
These steel mills produced 2.12 million tonnes of crude steel averagely each day during the period, down 6.14% from a year ago and 1.77% from that in 2022, the CISA said.
Daily output of pig iron averaged 1.87 million tonnes during the same period, up 1.63% from ten days ago. The figure was 6.96% lower than the year-ago level but increased 0.40% compared to that in 2022.
Daily output of finished steel increased 7.76% from ten days ago to 2.12 million tonnes. This comparatively high growth was attributed to several key member firms conducting centralized settlements at the end of March. Otherwise, the daily output would have increased by 2.37% from the previous ten days.
Compared to the same period in 2023 and 2022, the daily output of finished steel slid 6.53% yet picked up 0.05%, respectively.
During the same period, the daily output of crude steel in China was estimated to be 2.54 million tonnes, a 2.40% rise from ten days earlier. That of pig iron was 2.16 million tonnes, up 1.14% compared to previous ten days. Daily finished steel output increased 1.25% from ten days ago to 3.41 million tonnes.
As of March 31, key steel mills held 18.43 million tonnes of finished steel stocks, decreasing 5.66% from ten days ago but gaining 2.26% month on month. That was also 6.8% higher compared to the same period last year.
(Writing by Riley Liang Editing by Harry Huo)
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