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 0.116 million tons from prior week to 15.499 million tons, indicating that the domestic steel inventories have dropped for sixteen consecutive weeks.
Concretely, the stockpiles for rebar were 6.774 million metric tons in the domestic steel market, down 51 thousand tons from prior week. Meanwhile, the inventories for HRC, CRC, medium plate and wire rod had decreased by 2, 9, 10 and 44.3 thousand tons respectively compared to previous week.
Entering the traditional low season, we expect that the domestic steel market will continue hovering around soft levels in the near future.