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In the second half of the year, domestic steel production continued to grow at a high level, resulting in a sustained low volatility in the steel market. The off-season effect was obvious. In some areas, steel companies actively limited production and maintained a stable steel market.
First, crude steel production is still at a relatively high level. From January to July, China's crude steel and steel output were 473 million tons, 577 million tons, and 698 million tons, respectively, up 6.7%, 9.0%, and 11.2% year-on-year. The growth rate slowed down compared with the first half of the year. In July, the output of pig iron, crude steel and steel in China was 68.31 million tons, 85.22 million tons and 100.58 million tons respectively, up by 0.6%, 5.0% and 9.6% respectively. The average daily output of crude steel and steel in China was 2.749 million tons. 3.414 million tons, down 5.8% and 4.4% respectively, but still at a relatively high level.
Second, steel inventories continued to grow. Affected by factors such as the season and the decline in demand, steel inventories continued to grow. According to the statistics of China Iron and Steel Association, the total inventory in July was 12.71 million tons, an increase of 520,000 tons, an increase of 4.3%; an increase of 3.24 million tons compared with the same period of last year, an increase of 36.9%.
Third, the steel market price is lower. Since mid-July, the prices of major steel products have continued to decline. In the first ten days of August, the prices of rebar and wire rods decreased significantly. The prices were 3,883 yuan/ton and 4,093 yuan/ton, respectively, down 126.9 yuan/ton and 99.7 yuan/ton respectively from the end of July, with a decrease of 3.2% and 2.4 respectively. %.
Fourth, the price of iron ore has dropped significantly. At the end of July, the China Iron Ore Price Index (CIOPI) was 419.5 points, up 21.2 points month on month, an increase of 5.3%. In August, iron ore prices gradually slowed down after falling sharply. On August 22, the CIOPI index was 314.5 points, a decrease of 105.0 points (25.0%) from the end of July; the price of imported iron ore was US$83.92/ton, down 27.4% from the end of July.
Fifth, some regional steel companies actively cut production. Recently, many enterprises in Shandong, Shanxi, Sichuan, Shaanxi, Gansu, Xinjiang and other places have reduced the supply of crude steel, limited production and efficiency, and digested the existing high-priced stocks by taking measures such as taking the initiative to stop production and maintenance. Jointly maintain stable market prices and effectively prevent market risks.
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