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 0.229 million tons from prior week to 16.145 million tons, indicating that the domestic steel inventories have dropped for thirteen consecutive weeks.
Concretely, the stockpiles for rebar were 7.125 million metric tons in the domestic steel market, down 161 thousand tons from prior week. Meanwhile, the inventories for HRC and wire rod had decreased by 11 and 34 thousand tons respectively compared to previous month. Unpredictably, the stocks for CRC and medium plate had ended its upward trend and dipped again. In detail, the stocks for CRC and medium plate had decreased by 4 and 18 thousand tons in last week from prior week.
As for the market prospect, experts said that the current market is still not optimistic on all aspects owing to the soaring domestic daily crude steel outputs. Accordingly, the domestic daily crude steel production is estimated to have hit 2.045 million tons in early May. In this context, the pressures both on stock and price aspects are still in existence.