This week, the total inventory of domestic construction steel products was further accelerated. Rebar inventory decreased by 4.4% from last week, and wire inventory decreased by 3.6% from last week. The overall inventory was at the lowest point in the same period of the previous years.
On the supply side, the price of finished products has dropped sharply. According to the calculation of raw material inventory, most blast furnace factories are in a state of loss. The production reduction of electric furnaces has been increased, and the overall supply of building materials has decreased significantly.
On the demand side, steel prices continued to fall. This, combined with stockpiling ahead of Labour Day holidays, incentivised end-user demand. And the overall demand improved.
On the whole, steel mills have further reduced production, and demand has improved slightly. Inventory destocking has accelerated.
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