China's steel mill inventories rise to highest level since May in mid-August

Inventories at major steel mills in China rose 3.48% from the beginning of the month to 16.5 million tons by mid-August, the highest level since May, according to data from the China Iron and Steel Association (CISA). The current inventory level is 1.1% lower than the same period last year, according to Bloomberg News. The daily crude steel output of major Chinese companies in mid-August fell 0.5% from the beginning of the month to 1.99 million tons per day. Inventories at non-steel metal mills in China also fell to 10.2 million tons in mid-August.