Accordingly, the domestic social steel inventories in Chinese 26 surveyed cities had continued its downward trend in last week with the week-over-week decrease of 11 thousand tons from prior week to 15.427 million tons, indicating that the domestic steel inventories have dropped for eighteen consecutive weeks.
Concretely, the stockpiles for rebar were 6.668 million metric tons in the domestic steel market, down 37 thousand tons from prior week. Meanwhile, the stocks for wire rod also had dropped by 27 thousand tons from prior week. However, the inventories for HRC, medium plate and wire rod had increased by 7, 28 and 3 thousand tons respectively compared to previous week.
Even though the domestic steel inventories are still on a downward trend, experts said that the stocks may rebound in the near future owing to the approaching low season for steel products.