Accordingly, the domestic social steel inventories in Chinese surveyed cities had continued its downward trend in last week with the week-over-week decrease of 0.305 million tons from prior week to 17.45 million tons, indicating that the domestic steel inventories have dropped for eight consecutive weeks.
Concretely, the stockpiles for rebar were 7.837 million metric tons in the domestic steel market, down 212 thousand tons from prior week. Meanwhile, the inventories for HRC had decreased by 73 thousand tons compared to previous month. However, the stocks for CRC and medium plate had increased by 5 and 10 thousand tons respectively from prior week.
Regarding of the approaching seasonal market demands from multiple projects, we predict that the domestic social inventories will drop further in the short run.