Accordingly, the domestic social steel inventories in Chinese 26 main cities decreased by 0.111 million metric tons vs prior week to 12.771 million metric tons last week, signifying that the domestic steel stockpiles have decrease for eleventh straight weeks and hit a new record low.
Among them, during the given period, the inventories for CRC, medium plate, rebar and HRC decreased by 12, 5, 92 and 58 thousand metric tons respectively. However, the stockpiles for wire rod rose by 57 thousand metric tons, all compared to previous week.
Given to the approaching Spring Festival, traders have shown a gloomy outlook towards the future market, thus most of them are reluctant to stock up their warehouses. On the other hand, the constant low-remained social inventories may sow a good omen for the price rebound after the Spring Holidays.