Accordingly, the domestic social steel inventories in Chinese 26 main cities increased by 1.536 million metric tons vs prior week to 17.371 million metric tons last week, signifying that the domestic steel inventories have surged up for six straight weeks.
Among them, during the given period, the inventories for rebar, wire rod and CRC had risen by 0.767 million metric tons, 0.375 million metric tons and 60 thousand metric tons respectively. Besides, the stockpiles for HRC and medium plate also had emerged an uptrend momentum with a week-on-week increase of 0.227 and 0.107 million metric tons in respective.
Experts said that the domestic steel demand will rebound in the long run but in the short term the social inventories may continue inching up gradually.