Accordingly, the domestic social steel inventories in Chinese 26 main cities had continued its downward trend in last week with the week-over-week decrease of 0.241 million tons from prior week to 18.171 million tons, indicating that the domestic steel inventories have dropped for five consecutive weeks.
Concretely, the stockpiles for rebar reached 8.148 million metric tons in the domestic steel market, down 0.105 million tons from prior week. Meanwhile, the inventories for HRC, medium plate, wire rod and CRC had decreased by 57, 11, 54 and 13 thousand tons respectively from previous week.
Given to the rising steel demand from final customers, we thought that the domestic social inventories will continue dropping in upcoming future.