China’s steel mill inventories rise to highest level since May

Data from the China Iron and Steel Association showed on Monday that inventories at major steel mills in China rose by 3.48 percent by mid-August from the beginning of the month to 16.5 million tons, the highest level since May.

The data indicated that the current inventory amount is 1.1 percent lower than the same period last year, according to Bloomberg News Agency.

The daily crude steel production at major Chinese companies in mid-August also fell by 0.5 percent from the beginning of the month to 1.99 million tons per day.

Inventories at non-steel metal mills in China fell to 10.2 million tons by mid-August.