Price Drop Suppressed Demand, and Decline in HRC Inventory Narrowed

SHANGHAI, Apr 11 (SMM) - The total HRC inventory in April dropped 1.2% on the week, with social inventory falling 1.4%, and in-plant inventory at steel mills contracting 0.8%. The decline in total inventory and social inventory slowed down while the in-plant inventory remained stable. Given the falling HRC prices and the Qingming holiday, the wait-and-see sentiment of terminal enterprises intensified and the market transactions were still sluggish. Although the supply of HRC has increased, it is expected that the total inventory of HRC will continue to fall this week with recovery in downstream demand.