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 0.177 million tons from prior week to 15.615 million tons, indicating that the domestic steel inventories have dropped for fifteenth consecutive weeks.
Concretely, the stockpiles for rebar were 6.825 million metric tons in the domestic steel market, down 82 thousand tons from prior week. Meanwhile, the inventories for HRC, CRC, medium plate and wire rod had decreased by 49, 8, 12 and 27 thousand tons respectively compared to previous week.
As for the market prospect, experts said that the declines for domestic steel inventories may slow down in the short run because the actual steel demands from final customers are steel remaining at soft levels.