【Steel Data】Compilation of Steel Mill Inventory 

and Operation Situation in February 2024

As of February 29th, the total inventory of 5 major steel products reached 24.3425 million tons in China, an increase of 1.2188 million tons compared to the previous month, representing a growth of 5.3%. Among them, social inventory stood at 17.2445 million tons, increasing by 1.0412 million tons compared to the previous month, indicating a growth of 6.4%; while the inventory in steel mills amounted to 7.098 million tons, rising by 0.1776 million tons compared to the previous month, marking a growth of 2.6%.

Currently Chinese operating rate of electric arc furnaces is at 43.73%, an increase of 20.48 percentage points compared to the previous period; the capacity utilization rate is at 35.33%, rising by 18.13 percentage points. From February 22nd to February 28th, a total of 35 enterprises resumed production, involving 37 electric arc furnaces, of which 36 are independent electric arc furnaces, with a daily average crude steel production increasing by 60,700 tons. UHP graphite electrodes are widely used in arc furnace steelmaking. 

According to the new calculation method, the total inventory of imported sintered powder in 114 steel mills is 24.7903 million tons, a decrease of 1.4928 million tons compared to the previous period. The total daily consumption of sintered powder is 1.0584 million tons, decreasing by 8,900 tons. The average cost of pig iron per ton in steel mills, excluding taxes, is 2,868 yuan, a decrease of 21 yuan/ton.

There are 87 sections of steel production lines in Tangshan, including 7 sections of long-process enterprises and 80 sections of billet rolling enterprises. The overall operating rate is 47.46%, remaining unchanged from the previous week. The finished product inventory is 636,500 tons, a decrease of 166,500 tons compared to the previous week.

As of February 29th, the iron cost in Jiangsu region is 2,667 yuan/ton (excluding taxes), Zhangjiagang heavy scrap steel price is 2,650 yuan/ton (excluding taxes), and the iron is 36 yuan/ton lower than the scrap steel (Note: This data is only the theoretical value of the immediate cost of the day, taking into account the loss caused by scrap steel entering the furnace).

On February 29th, the total inventory of scrap steel in 300 representative long and short process steel mills in China was 5.5661 million tons, a decrease of 23,300 tons compared to the previous day, representing a decrease of 0.42%; the inventory turnover days are 10.2 days, an increase of 0.1 day compared to the previous day; the total daily consumption is 459,100 tons, an increase of 6.56% compared to the previous day; the total daily arrival volume is 435,800 tons, an increase of 2.69% compared to the previous day. For more information on the production and sales situation of the steel industry, welcome to follow us.