Accordingly, the domestic social steel inventories in Chinese surveyed cities had continued its downward trend in last week with the week-over-week decrease of 0.158 million tons from prior week to 16.373 million tons, indicating that the domestic steel inventories have dropped for twelve consecutive weeks.
Concretely, the stockpiles for rebar were 7.286 million metric tons in the domestic steel market, down 82 thousand tons from prior week. Meanwhile, the inventories for HRC and wire rod had decreased by 67 and 26 thousand tons respectively compared to previous month. However, the stocks for CRC and medium plate had continued its upward trend in last week with the week-over-week increase of 11 and 6 thousand tons from prior week.
Even though the domestic steel inventories have slid down again in last week, experts said that this trend may slow down in the short run owing to the abundant supplies and limited transaction deals in the market.