Accordingly, the domestic social steel inventories in Chinese 26 main cities decreased by 28000 metric tons vs prior week to 13.136 million metric tons last week, signifying that the domestic steel stockpiles have decrease for seventh straight weeks and hit a new record low.
Among them, the rebar and HRC inventories decreased by 60000 and 5000 metric tons respectively. However, the stockpiles for CRC, medium plate and wire rod rose by 21000, 10000 and 6000 metric tons, all compared to previous week.
Regarding of the approaching low season and gradually recovering steel output, the social steel inventory may end its downward trend in the short run.