Supply chain disruptions amid Beijing’s zero tolerance for COVID-19 have taken a toll on steel end consumers in the construction and manufacturing sectors, exacerbating oversupply.

On the Shanghai exchange, iron ore prices fell to CNY 4,829/ton. China’s steel inventories hit a 13-month high on April 20 as the country’s steel output continued to grow steadily.
Steel price for delivery in October 2022 on the Shanghai Exchange decreased by 2 CNY to 4,829 CNY/ton.
China’s steel inventories hit a 13-month high on April 20, as the country’s steel output continued to grow steadily amid weak demand amid the recovery from the COVID-19 pandemic.
Some say that demand can recover strongly when the spread of COVID-19 is contained and oversupply is resolved. Meanwhile, some others think that demand will recover modestly and only for a short time, unless stronger stimulus measures are taken.
Data released by the China Iron and Steel Association (CISA) on April 27 showed that China’s daily crude steel production increased by 0.4% from the beginning of April to 2.889 million tons/day in the period from April 27. April 11 to April 20, 2022.
China’s crude steel output averaged 2.882 million tons/d in the first 20 days of April, up 1.2% from the daily production level in March 2022.
Finished steel inventories at steel mills and the spot market tracked by CISA increased 3% from April 10, 2022 and 8.4% year-on-year to a 13-month high. 33.01 million tons on April 20, 2022.

Sources predict that China’s crude steel output from the end of April to the beginning of May will be similar to the first 15 days of April. This is due to weak steel demand and logistics disruptions in most regions. of China, limiting output growth.
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