According to data released by the National Bureau of Statistics, from January to February 2024, China's pig iron production reached 140.73 million tons, a year-on-year decrease of 0.6%; The crude steel production was 167.96 million tons, a year-on-year increase of 1.6%; The steel production was 21.343 million tons, a year-on-year increase of 7.9%; The coke production was 80.39 million tons, a year-on-year increase of 2.1%.
From January to February 2024, China's average daily production of crude steel was 2.799 million tons, pig iron 2.346 million tons, and steel products 3.557 million tons.
From January to February, the added value of industries above designated size in China increased by 7.0% year-on-year, an increase of 0.2 percentage points compared to December of the previous year. Looking at the three major categories, the added value of the mining industry increased by 2.3% year-on-year, the manufacturing industry increased by 7.7%, the production and supply of electricity, heat, gas, and water by 7.9%. The added value of consumer goods manufacturing increased by 4.7%, 4.4 percentage points faster than December last year; The added value of high-tech manufacturing increased by 7.5%, accelerating by 1.1 percentage points.
With the significant effectiveness of various macroeconomic policies, the national economy continued to rebound and improve in Jan-Feb. However, the complexity, severity, and uncertainty of the external environment are still growing, and the problem of insufficient effective domestic demand existing. The foundation for sustained economic recovery and improvement still needs to be consolidated.
Source: CISA
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