Crude steel at China's key mills declined further in late January as production activity ebbed due to the forthcoming Chinese New Year holiday, which also drove down their inventories.

Daily crude steel output among mills tracked by the China Iron and Steel Association (CISA) averaged 2.02 million tonnes over January 21-31, down 3.69% from the previous 10-day period, yet still 1.48% higher on a yearly basis.

Daily pig iron output reached 1.78 million tonnes, down 6.00% from ten days ago and 1.61% from the year prior, while that of finished steel dropped 2.9% from 10 days ago to 1.97 million tonnes, which were 2.62% higher year on year, data showed.

Based on above readings, the CISA estimated the national daily crude steel output at 2.63 million tonnes over the same period, down 1.02% from the previous session. Pig iron was down 4.88% at 2.13 million tonnes and finished steel fell 4.28% to 3.63 million tonnes.

Steel inventories at the CISA-tracked mills also fell sharply, with finished product stocks down 20.55% to 12.19 million tonnes as of January 31 versus the previous 10 days, and down 26.01% year on year.

(Writing by yan.sun  Editing by Alex Guo)
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