As of December 7 this year, inventory of the main finished steel products (plate, hot rolled coil (HRC), cold rolled coil (CRC), rebar and wire rod) in 26 major steel markets in China totaled 11.885 million mt, down 70,000 mt compared to the previous week and down 1.045 million mt year on year, according to the China Iron and Steel Association (CISA).
In particular, inventory of rebar indicated increases of 54,000 mt week on week and 179,000 mt year on year. As of the same date, hot rolled coil inventory in China was down 104,000 mt compared to the previous week, while wire rod inventory indicated a week-on-week increase of 38,000 mt. Domestic inventories of cold rolled coil and plate were respectively down 35,000 mt and 23,000 mt week on week.
While China's overall finished steel inventory indicated a slight decline in the first week of December, inventories of rebar and wire rod increased week on week due to the cold winter weather. It is thought that the cold weather may continue to influence rebar and wire rod inventories in China.