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Report on production and sales rates for the first three quarters of 2024

In the first three quarters of 2024, China produced 768 million tonnes of crude steel, down 3.6% year-on-year, with an average daily output of 2.805 million tonnes, down 4.0% year-on-year; produced 1.044 billion tonnes of steel, down 0.1% year-on-year, with an average daily output of 3.812 million tonnes, down 0.5% year-on-year.

The key statistical steel enterprises included in the monthly marketing report produced 576 million tonnes of steel, down 4.7% year-on-year; and sold 569 million tonnes of steel, down 4.4% year-on-year, with the rate of decline slightly expanding compared with the previous period.

The production and sales rate of key enterprises in the first three quarters was 98.7 per cent, slightly higher than the 98.1 per cent in January-August and the 98.4 per cent in the same period last year.

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From the broad categories of varieties, long steel, pipe varieties of production fell year-on-year, respectively, 11.6%, 4.9%; railway steel, plate and strip and other steel varieties of production increased year-on-year, respectively, 4.2%, 2.8% and 6.2%.In the first three quarters, rebar, wire rod, bar and other construction long products still accounted for a larger proportion of three varieties accounted for 37.4%; medium-thickness wide steel strip, hot-rolled thin and wide steel strip, hot-rolled steel sheet and other three hot-rolled steel coil products accounted for 27.5%, second only to construction long products.

In the first three quarters, rebar, wire rod, medium-thickness wide steel strip, large steel sections, extra-thick plate, welded steel pipe and other varieties of production fell sharply, led by the key enterprises in the total year-on-year decline in steel; plate, hot-rolled thin and wide steel strips, coated plates (strips) and other varieties of incremental growth or increase are relatively large.

In the nine production year-on-year growth in steel varieties, cold rolled thin and wide steel strip, plate, hot rolled thin and wide steel strip and other three varieties of year-on-year increase in the front, its total increase of 5.213 million tonnes, accounting for the nine growth varieties of the total increase of 70.0%.Rebars, wire rod, medium-thickness and wide steel strip, large steel sections, bars and other varieties of sales volume fell sharply; cold rolled thin and wide steel strip, plate, hot rolled thin and wide steel strip, coated plates (strips) and other varieties of incremental increase, whether or not the increase, are relatively large.From the variety of categories, long steel, pipe 2 major categories of varieties of sales volume appeared year-on-year decline, respectively, down 10.8%, 3.3%; railway steel, plate and strip and other steel and other varieties of 3 major categories of varieties of sales volume appeared year-on-year growth, respectively, 4.2%, 0.4% and 7.1% year-on-year growth.

Changes in steel production and sales of the above key enterprises show that, under the influence of factors such as the continued downturn in the real estate industry and the manufacturing sector is low, the growth in demand for steel in China is less than the growth in production. This is more evident in plate and strip, especially hot rolled coil related products.