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 0.133 million tons from prior week to 17.755 million tons, indicating that the domestic steel inventories have dropped for seven consecutive weeks.
Concretely, the stockpiles for rebar were 8.049 million metric tons in the domestic steel market, down 16 thousand tons from prior week. Meanwhile, the inventories for HRC and CRC had decreased by 88 and 14 thousand tons from prior week. However, the stocks for medium plate had increased by 4 thousand tons from previous week.
Given to the seasonal market demand will continue its robust trend, we predict that the domestic social inventories will slip further in the short run.