According to the SMM survey, as of July 24, the operating rate of blast furnaces surveyed by SMM was 93.61%, down 0.55% WoW. The capacity utilization rate of blast furnaces was 95.52%, down 0.45% WoW. The average daily pig iron output of the sample steel mills was 2.2901 million mt, down 9,400 mt WoW.
In the week, five blast furnaces were under maintenance: one each in east China, central China, and North-east China, and two in north China. Two blast furnaces resumed production, both in north China. This week saw an increase in blast furnace maintenance, leading to a slight decrease in pig iron output. Looking ahead, recent sharp declines in steel prices have significantly impacted steel mill profits, creating a strong bearish sentiment in the market. Consequently, a certain decrease in pig iron output is expected. However, with new blast furnaces putting into operation next week, pig iron output is expected to increase significantly.
