According to the data released by CISA (China Iron and Steel Association), Chinese registered steelmakers have contributed a daily crude steel output of 1.6593 million metric tons in early April of this year, increasing by 5% from late March. Meanwhile, Chinese average daily crude steel output is estimated to stand at 2.0308 million metric tons in early April, jumping by 7% versus late March.
Owing to the recovering steel demand from final customers, steelmakers have escalated their daily crude steel production substantially. In this context, we predict that the domestic steel prices will stabilize gradually in the short run due to serious oversupplies.