during 11-20 February 2020 the Chinese steel industry, members of the industry Association (China Iron and Steel Association, CISA), was melted in average 1.83 million tonnes of steel per day. The decrease compared with the beginning of the month was 5.4%. The daily average production of finished steel stood in the middle of February to 1.69 million tons, according to MetalBulletin.
According to Mysteel, the whole China's steel production during the second decade of February amounted to an average of 2.5 million tonnes per day - 110 500 tons or 4.2% less than 1-10 February.
metal Inventories on the 97 companies that provide data to the Chinese Association of ferrous metallurgy as of February 20, was 21,34 million tons by 15.27% more than the volume recorded February 10, reports SMM.
According to Beijing Custeel E-Commerce Co., inventories of metal products, which show significant seasonal fluctuations, and usually peak in March, jumped 14% to 10.8 million tonnes last week. This is the highest level in history. Since mid-January the volume of reserves were doubled.
the Entire steel industry of China produces about one billion tons of steel products (980 million tons in 2019). In the past year, China has put on foreign markets 90 million tons. International trade in steel products is estimated at an average of 400-450 million tons per year. That is, China is approximately 20% of the world market of steel products.
At a press conference on February 23 CISA warned that the plants should be actively cut production or there is a threat of oversupply and rising debt levels in the industry.
