CISA Crude Steel Output Rises
China Iron and Steel Association (CISA) member mills produced 2.08 Mt/day of crude steel on 11-20 May, according to industry association data, the second highest level since at least January 2014. Output has averaged above 2 Mt/day since 21-30 April, up from close to 1.9 Mt/day in the 1q20.
Meanwhile, steel product inventories in major Chinese cities dropped by 1.0 Mt week-on-week to 16.1 Mt on 22 May, U-Metal data show. Stocks have fallen in each consecutive week since peaking at just under 26.0 Mt on 13 March, but remained above an average of 11.7 Mt in May 2019.