Accordingly, the domestic social steel inventories in Chinese 26 main cities decreased by 0.154 million metric tons vs prior week to 18.664 million metric tons last week, signifying that the domestic steel inventories have dipped for three straight weeks.
Among them, during the given period, the stockpiles for rebar had reached 8.388 million metric tons in the domestic steel market, down 47.6 thousand tons from prior week. Meanwhile, the inventories for HRC, medium plate and wire rod had dropped by 10 thousand metric tons, 31 thousand metric tons and 51 thousand metric tons respectively from previous week. However, the stocks for CRC had risen up by roughly 22 thousand metric tons from last week.
Experts expected that the domestic social inventories are anticipated to continue inching down in the short term considering of the rising steel demand from final customers.