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Recent data from the China Iron and Steel Association has revealed a sharp rise in steel inventories at the start of this year, with stock levels increasing significantly compared to the end of the previous year. Construction steel products like rebar and wire rods have nearly doubled in volume since the end of 2023, putting more downward pressure on steel prices.
The report highlights that from the beginning of the year to early March, steel inventories across 26 major markets in China rose by 8.1 million tons compared to the end of 2023, marking a 68.15% increase. This represents the first annual growth in inventories since September 2023. Among these, rebar and wire rod stocks saw the largest surge, rising by 6.35 million tons — accounting for 78.5% of the total increase — which is a 98.8% rise from the end of the previous year.
In addition, China's crude steel production reached 124.5 million tons in the first two months of 2024, up 10.6% year-on-year. The average daily output was 2.212 million tons, the highest level recorded for this period in history. However, with market demand growing at a slower pace, this surge in production has worsened the oversupply issue in the domestic steel sector, leading to increased price pressures and tighter margins for producers.
As a result, industry analysts are closely monitoring the situation, as the imbalance between supply and demand could lead to further volatility in steel prices and affect the broader construction and manufacturing sectors.