The average daily crude output of China’s major steelmakers was 1.7Mt between June 1-10, up 2.32% from May 21-31, according to the China Iron and Steel Association (CISA).
By June 10, steel stocks of CISA member steelmakers were up 3.03% to 16.3Mt from those on May 31.
Combined with the rainy season, which will affect slow purchases and dampen infrastructure construction in the property sector, it is likely that stocks in steel mills will increase further, claims commodity information provider Shanghai Metals Market.
Source: China Metals.