Accordingly, the domestic social steel inventories in Chinese 26 main cities increased by 0.13 million metric tons vs prior week to 13.901 million metric tons in last week, signifying that the domestic steel stockpiles have bottomed out and begun to inch up gradually.
Among them, during the given period, the inventories for rebar, wire rod and CRC had risen by 0.123 million metric tons, 55 thousand metric tons and 3 thousand metric tons respectively. However, the stockpiles for HRC and medium plate had dropped again with a week-on-week decrease of 39 and 12 thousand metric tons in respective.
Even though the steel market still emerges a bearish tone, the social inventories may ramp up passively in the short run due to steelmakers' preferential order-intake policies.