Steel Market Price Slip Inventory Continuous Growth

Reporters learned from the official website of the Ministry of Industry and Information Technology that in the second half of the year, domestic iron and steel production has maintained a relatively high growth, resulting in a sustained low-level shock in the steel market, with obvious off-season effect. In some areas, iron and steel enterprises actively limit production to maintain the stability of the steel market. Crude steel production is still at a high level. Influenced by seasonal and declining demand and other factors, steel inventory continues to grow. Prices of major steel products have been declining since mid-July. In the first ten days of August, the price of threaded steel and wire rod decreased significantly. Iron ore prices have dropped significantly. Some regional iron and steel enterprises take the initiative to reduce production. Recently, many enterprises in Shandong, Shanxi, Sichuan, Shaanxi, Gansu and Xinjiang took the initiative to stop production restrictions and overhaul measures to reduce the supply of crude steel, limit production and increase efficiency, and digest the existing high-price inventory.