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 61 thousand tons from prior week to 15.438 million tons, indicating that the domestic steel inventories have dropped for seventeen consecutive weeks.
Concretely, the stockpiles for rebar were 6.705 million metric tons in the domestic steel market, down 69 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, CRC and medium plate had increased by 3, 19 and 13 thousand tons respectively compared to previous week.
From the above data, we could see that the domestic steel consumption has slow down owing to the rainy and scorching weather conditions. Given to there are still no positive signs, we predict that the domestic steel market will continue its weak trend in the short run.