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, daily 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 declining downstream demand have started to dampen the enthusiasm of steel mills. As a result, overall industry activity has seen a significant slowdown. In terms of costs, iron ore prices saw a slight increase, while coal prices remained stable. Scrap steel prices, however, declined slightly, and the price of seamless steel pipes stayed steady. Additionally, sea freight rates showed signs of stabilization. The average price of iron ore at major Chinese mines was 1,154.23 yuan per ton, a decrease of 4.23 yuan per ton compared to the previous week. The price of Qingdao and Beilun steel-grade fine powder stood at 1,340 yuan/ton and 1,360 yuan/ton respectively. Import volumes into 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%, reaching 2,930 yuan per ton. National steel stock levels have also declined. As of the first week of this month, total inventory for major long products and plate steel across the country reached 153.663 million tons, a decrease of 116.52 million tons or 0.76% from the previous week. The long product inventory stood at 78.1 million tons, down 10.44 million tons or 1.32% week-over-week. Plate steel inventories totaled 750.623 million tons, a reduction of 12.03 million tons or 0.16% from the prior period. Overall, the steel market is showing signs of adjustment as supply and demand dynamics shift, with both production and inventory levels reflecting a more cautious outlook for the coming weeks.
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