China's steel consumption increased y/y

According to Tang, the growth in China's steel production was higher than demand. In January-March 2023, China's apparent steel consumption increased by 1.9% y-oy.

During this period, the steel production volume of Chinese steel mills increased by 6.1% y-o-y to 261.6 million tons, while the country's apparent steel consumption increased by 1.9% y-o-y to 243.4 million tons.

CISA member companies' total profits in the January-March period decreased by 71.5% y-o-y to 16 billion yuan ($2.3 billion), while their receivables at the end of March 2023 increaased by 16.7% y-o-y to 173.9 billion yuan.