Accordingly, the domestic social steel inventories in Chinese 26 main cities increased by 0.51 million metric tons vs prior week to 19.00 million metric tons last week, signifying that the domestic steel inventories have surged up for eight straight weeks.
Among them, during the given period, the inventories for rebar, wire rod, HRC and CRC had risen by 389 thousand metric tons, 99 thousand metric tons, 39 thousand metric tons and 30 thousand metric tons respectively. However, the stockpiles for medium plate had emerged a downward trend with a week-on-week decrease of 47 thousand metric tons.
Experts expected that the domestic social inventories may end the uptrend gradually in the short term given to the resuscitating steel demands from multiple final customers.