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 0.387 million tons from prior week to 17.063 million tons, indicating that the domestic steel inventories have dropped for nine consecutive weeks.
Concretely, the stockpiles for rebar were 7.6475 million metric tons in the domestic steel market, down 190 thousand tons from prior week. Meanwhile, the inventories for HRC and medium plate had decreased by 111 and 3 thousand tons compared to previous month. However, the stocks for CRC had increased by 4 thousand tons from prior week.
As well as know all, the current season is the traditional high season for steel products. However, experts said that the steel inventory decline will slow down in May but in the short run most of them still thought that the stocks will scroll down further.