According to a new report issued by the China Iron and Steel Association (CISA), Chinese steelmakers exported 39.97 million metric tons of finished steel in the first seven months of this year, down 2.9 percent year on year.
CISA also informed, that in July, the average daily crude steel output in China amounted to 2.749 million metric tons, down 5.8 percent compared to June, constituting the fourth-highest historical figure despite the decline from the all-time high recorded in June. Chinese finished steel inventory in July amounted to 15.23 million metric tons, up 1.22 million metric tons or 8.75 percent compared to the end of June. As of August 16, inventory of finished steel in China totaled 15.69 million t, up 460.000 metric tons or 3,04 percent compared to the end of July. The CISA indicated in its report that the rises in finished steel inventory will exert a negative impact on finished steel prices in the future.