Accordingly, the domestic social steel inventories in Chinese 26 main cities decreased by 0.12 million metric tons vs prior week to 18.818 million metric tons last week, signifying that the domestic steel inventories have dipped for two straight weeks.
Among them, during the given period, the inventories for HRC, medium plate and CRC had dropped by 44 thousand metric tons, 23 thousand metric tons and 4 thousand metric tons respectively from previous week. However, the stockpiles for rebar had reached 8.472 million metric tons in the domestic steel market, up again with an increase of 25 thousand metric tons from prior week.
Experts expected that the domestic social inventories are expected to continue inching down in the short term given to the gradually releasing steel demands from multiple projects.