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March steel inventories are the highest in history
March steel inventories are the highest in history
Citing China Steel Industry Association data, said in March surged Chinese steel inventories and record high steel inventories increasing late to the inventory pressure.
Data show that in March China 22 cities in five major steel varieties social stock 15,565,000 tons, a record high, more than in February increased 2.902 million tons, growth of 22.9%. Month stock market 14,146,000 tons, growth of 23.8%, port stocks 1.419 million tons, growth of 14.4%.
According to Reuters, China Steel Association Earlier statistics show that in late March national crude steel output expected to reach 2.072 million tons, an increase of 0.4% in mid-chain. Since mid-February, crude steel output continued since the high of more than 2 million tons, which is located near the cost line to have a lot of pressure on the price of steel products.
Reuters also quoted the China Steel Association Vice Chairman Liu Zhenjiang saying that Chinese medium-sized steel enterprises in February profit decreased by 25.4%, and is expected in March will not improve the situation. Start in the first quarter of the steel industry is not satisfactory, mainly because steel production increased too fast.