SHANGHAI, Feb. 19 (SMM) - Combined inventories in Shanghai, Tianjin and Guangdong were 426,700 tonnes last week, up 73,300 tonnes from before the 2016 Chinese New Year holiday, SMM data show. The big growth points to weak market fundamentals.
With the exception of 2012, total inventories in the three regions grew during the Chinese New Year holiday in the years past. Total inventories in the three regions increased some 60,000 tonnes during the Chinese New Year holiday in 2010, which grew 209,000 tonnes in the whole year.
Some downstream buyers have yet to return to the market after the holiday. When coupled with shipments arriving, inventories were high.
Total inventories in the three regions are expected to stabilize this week. both arriving and outward shipments will increase noticeably as an increasing number of downstream buyers resume operation.
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