According to the information report of China Iron and Steel Association, the production of crude steel in the first quarter of this year was 169.886 million tons, an increase of 8.69%. Among them, the production of crude steel from January to February was 1,11,788,000 tons, a year-on-year increase of 12.64%; from January to February, large and medium-sized steel enterprises increased by 6.86% year-on-year, and local small and medium-sized enterprises increased by 52.72%. Zhang Changfu, secretary-general of China Steel Association, said that the average daily output of domestic crude steel in January-February was 1,935,200 tons, a record high, equivalent to an annual output of 706 million tons of crude steel, and the total production was obviously too high. The high growth of steel production in January-February led to oversupply in domestic steel (4941, -9.00, -0.18%). China Steel Association's steel social inventory statistics for 22 cities and 5 steel products reached 13.58 million tons at the end of March, up 39.28% from the beginning of the year. According to the statistics of large and medium-sized steel production enterprises, the company's steel inventory at the end of February was 10.537 million tons, compared with the beginning of the year. The increase was 40.65%.
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