Accordingly, the domestic social steel inventories in Chinese surveyed cities have continued its downward trend in this week with the week-over-week decrease of 1.56% from prior week to 17.8877 million tons, indicating that the domestic steel inventories have dropped for six consecutive weeks.
Concretely, the stockpiles for rebar are 8.065 million metric tons in the domestic steel market, down 1.02% from prior week. Meanwhile, the inventories for HRC, medium plate, wire rod and CRC are roughly at 4.4198 million tons, 1.5101 million tons, 2.1891 million tons and 1.7037 million tons, declining by 2.05%, 0.4%, 3.53% and 1.25% respectively from prior week.
Regarding of the rising steel demand from multiple projects, we predict that the domestic social inventories will dip further in the short run.