According to the data released by CISA (China Iron and Steel Association), Chinese registered steelmakers contributed a daily crude steel output of 1.5645 million metric tons in early February, rising by 5.55% from late January. Meanwhile, Chinese average daily crude steel output was estimated to stand at 1.7045 million metric tons in early February, raising by 1.91% versus late January.
Even though the domestic steel mills have increased their production gradually, the current market demand is still disappointing. Thus traders are pressurized by huge inventories and begin to undersell their materials. As for the market prospect, experts expected that the market situation will turn better as the multiple projects come into operations step by step.