As of November 9 this year, inventory of the main finished steel products (plate, hot rolled coil (HRC), cold rolled coil (CRC), rebar and wire rod) in 26 major steel markets in China totaled 12.085 million mt, down 252,000 mt as compared to the previous week and indicating the fifth consecutive week-on-week decline, according to the China Iron and Steel Association (CISA). Meanwhile, China's total finished steel inventory on the date in question was down 1.343 million mt year on year.
As of November 9, most of the main finished steel products indicated declines in inventory on week-on-week basis. In particular, inventory of rebar indicated decreases of 34,000 mt week on week and 246,000 mt year on year, falling to its lowest level year to date. As of the same date, hot rolled coil inventory in China decreased by 111,000 mt compared to the previous week, while wire rod inventory indicated a week-on-week increase of 6,000 mt. Domestic inventories of cold rolled coil and plate were respectively down 17,000 mt and 96,000 mt week on week.
The CISA stated that the slight recovery in demand in the Chinese steel market contributed to the declines in China's finished steel inventory in the given week.