Wednesday,02 Mar 2011
2. The inventory of major steel mills increased to 9.46 million tonnes from 7.57 million tonnes posted in January end.
China Iron and Steel Association release in its latest ten day report that both crude steel output and steel inventory in the first and middle ten days of February eyed apparent rises.
Analyst said that the production rally is expectable and mainly due to the bettering industrial profitability.
The report shows that China daily crude steel output averaged about 1.81 million tonnes in the middle ten days of February far higher than January record of 1.7 million tonnes and about 1.8 million tonnes for the first twenty days of February also eyeing a big growth of close to 6% from January.
What worth attention is that the steel products inventory of major steel mills goes up to 9.46 million tonnes a sharp jump from 7.57 million tonnes in January ends. In the middle ten days of February the crude steel output by CISA members posted at 15.95 million tonnes and that for the whole Chinese steel industry is assessed at 18.14 million tonnes.
Mr Deng Qiling President of CISA earlier said that in light of the domestic and overseas demand, China apparent consumption of crude steel in 2011 is expected to grow by 5% to 632 million tonnes which means an increase of 30 million tonnes from last year.
Tags: Chinese domestic steel demand, February month output, CISA members