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 0.286 million tons from prior week to 16.777 million tons, indicating that the domestic steel inventories have dropped for consecutive ten weeks.
Concretely, the stockpiles for rebar were 7.513 million metric tons in the domestic steel market, down 135 thousand tons from prior week. Meanwhile, the inventories for HRC, CRC, medium plate and wire rod had decreased by 115, 7, 18 and 11 thousand tons respectively compared to previous week.
As for the market prospect, experts said the domestic steel inventories will continue sliding down in the short run owing to the rising seasonal demand from final customers.