China sets new record for daily steel production during February weekend
Smelters affiliated with the China Iron and Steel Association (CISA) increased daily steel production in mid-February to a record 2.282 million tonnes per day, up 24% year-on-year (YoY).
The daily production of pig iron in the period from 11 to 20 February increased compared to the same period of time by 17% to 2.021 million tons. Daily production of finished steel products rose 5.1% to 2.121 million tonnes, up 25.3% year-on-year.
China's steel production hit a record 1.053 billion tonnes in 2020 as demand from construction and manufacturing rebounded quickly following the outbreak of the Covid-19 pandemic.
March and April are traditionally high seasons for steel consumption, especially structural steel, rebar and wire rod. Stocks at Chinese mills are still well behind last year's pace, when demand stalled and stocks hit record highs due to the Covid-19 lockdown.
CISA reported that its members' steel reserves amounted to 17.55 million tons, which is 17.8% less than 21.34 million tons a year earlier.