According to the data released by CISA (China Iron and Steel Association), Chinese registered steelmakers have contributed a daily crude steel output of 1.6171 million metric tons in middle April of this year, decreasing by 2.54% from early April. Meanwhile, Chinese average daily crude steel output is estimated to stand at 2.0052 million metric tons in middle April, sliding by 1.26% versus early April.
Even though the domestic steel demand has shown a recovery sign, it is still so insignificant if compared to the high-remained inventories and steelmakers' capacities. Under this circumstance, we predict that the domestic steel prices will continue its weak trend in the short run.