SMM Analysis: Construction Steel Stocks across China Grow for Four Weeks in a Row-Shanghai Metals Market

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SMM Analysis: Construction Steel Stocks across China Grow for Four Weeks in a Row

Industry News 11:59:48AM Aug 11, 2017 Source:SMM

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. 

CISA Lobbying Chinese Authorities for Incentives to Steel Exports, SMM Reports

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. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.
 

SMM Analysis: Construction Steel Stocks across China Grow for Four Weeks in a Row

Industry News 11:59:48AM Aug 11, 2017 Source:SMM

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. 

CISA Lobbying Chinese Authorities for Incentives to Steel Exports, SMM Reports

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. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.