NBS: China's Jul crude steel output drops 9% on year
Last month, the country's daily crude steel output averaged 2.68 million tonnes, seeing a significant fall of 12.4% from that for June and touching the lowest since the start of this year, Mysteel Global calculated based on the NBS data.
More Chinese steel producers conducted maintenance on their steelmaking facilities or slowed their production pace last month, as their profitability worsened with the fast decline in finished steel prices and the depression in demand from end-users, Mysteel Global learned.
By the end of July, the profit ratio among the 247 blast-furnace (BF) steel mills nationwide under Mysteel's regular tracking had fallen to only 15.15%, much lower than the 42.86% recorded one month earlier.
China's finished steel prices continued to lose ground in July with negative sentiment prevailing in the market. Meanwhile, poor steel demand from end-users during the traditional off-season in summer also put significant pressure on the country's steel market.
For example, the national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 3,381/tonne ($472/t) including the 13% VAT as of July 31, sliding by a total of Yuan 245/t on month.
Last month, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 traders under Mysteel's tracking averaged 116,495 tonnes/day, down by another 2,917 t/d from June.
China's finished steel output also decreased in July to reach 114.4 million tonnes, lower by 4% on year, while the production for the first seven months of this year totaled 813.4 million tonnes, still higher by 1.3% on year, according to the NBS statistics.
China's steel output for Jan-Jul
|
Jul 2024 |
Jan-Jul 2024 |
||
Volume (mln t) |
YoY (%) |
Volume (mln t) |
YoY (%) |
|
Crude steel |
82.94 |
-9.0 |
613.72 |
-2.2 |
Finished steel |
114.36 |
-4.0 |
813.41 |
1.3 |
Pig iron |
71.4 |
-8.0 |
509.68 |
-3.7 |
Source: NBS
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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