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 0.353 million tons from prior week to 15.792 million tons, indicating that the domestic steel inventories have dropped for fourteen consecutive weeks.
Concretely, the stockpiles for rebar were 6.907 million metric tons in the domestic steel market, down 219 thousand tons from prior week. Meanwhile, the inventories for HRC, CRC and wire rod had decreased by 64, 13 and 71 thousand tons respectively compared to previous week. However, the stocks for medium plate had ended its upward trend and inched up again. In detail, the stocks for medium plate had increased by 14 thousand tons in last week from prior week.
As for the market prospect, experts said that the domestic steel inventories may dip further in the near future due to gradually recovering steel demands from final customers.