The production and sales trends in the steel industry are moving in a similar direction. According to recent data from the second half of this month, the daily average crude steel output dropped to 1.94 million tons, while the capacity utilization rate remained above 94%. Key steel enterprises reported their lowest inventory levels in three months, indicating that power restrictions and reduced downstream demand have started to dampen steel mill consumption enthusiasm. As a result, the overall industry growth has significantly slowed down. In terms of cost factors, iron ore prices saw a slight increase, while coal prices remained stable. Scrap steel prices declined, and the price of seamless steel pipes stayed steady. Additionally, sea freight rates have shown signs of stabilization. The average price of iron ore from major Chinese mines is currently at 1,154.23 yuan per ton, a decrease of 4.23 yuan per ton compared to the previous week. In Qingdao and Beilun, the price of steel to MTR fine powder is 1,340 yuan/ton and 1,360 yuan/ton respectively. Import volumes to ports fell by 220,000 tons on a weekly basis. Meanwhile, the BDI and BCI indices dropped by 5.12% and 0.26% respectively. In Shanghai, heavy scrap prices fell by 3.30% to 2,930 yuan/ton. Steel stock levels across the country have also seen a decline. As of the first month of this month, the total inventory of major long products and plate steel nationwide stood at 153.663 million tons, a decrease of 116.52 million tons or 0.76% from the previous week. The long product inventory decreased by 10.44 million tons, or 1.32%, while the plate inventory dropped by 12.03 million tons, or 0.16%. These figures reflect a continued slowdown in demand and a more cautious approach from industry players.
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