SHANGHAI, Aug. 11 (SMM) – Construction steel stocks across China have been growing for four consecutive weeks, SMM statistics showed.
Steel Prices to Remain in Upward Track as Positive Factors Outweigh Negative Ones, SMM Says
By product, rebar stocks nationwide rose 76,700 tonnes week-on-week to 4.4 million tonnes as of August 10, while steel wire rod stocks dropped 15,200 tonnes week-on-week to 1.09 million tonnes.
While steel stocks in the market kept rising, steel stocks at steel mills dropped slightly, suggesting downstream demand is still modest. Most steel mills stepped up supply directly to downstream buyers.
Rebar prices have gained nearly 700 yuan/tonne over the past half a month and broke through 4,000 yuan/tonne this week, which hurt downstream buying interest.
Although steel prices are still in upward track, market should be alert to possible downward corrections, SMM warned.
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