Accordingly, the domestic social steel inventories in Chinese 26 main cities increased by 1.118 million metric tons vs prior week to 18.489 million metric tons last week, signifying that the domestic steel inventories have hiked for seven straight weeks.
Among them, during the given period, the inventories for rebar, wire rod and CRC had risen by 0.68 million metric tons, 0.252 million metric tons and 27 thousand metric tons respectively. Besides, the stockpiles for HRC and medium plate also had emerged an upward trend with a week-on-week increase of 121 and 39 thousand metric tons in respective.
Experts expected that the domestic social inventories may continue rising up due to limited procurement orders from final customers.