China’s RB Steel Inventories Drops Dramatically This Week, with Hot-rolled Coil Inventories Slightly Rise

Affected by the dual control of energy consumption and the power rationing policy, a steel mill in Guangxi will reduce its hot rolled coil output by about 30% in October, and the same proportion of customer orders for the month will be adjusted.

Copper cathode inventory in Guangdong has been falling for 10 consecutive sessions to as low as 21,400 mt according to SMM, a significant drop of 82,400 mt or 79.4% from YTD high of 103,800 mt. The level is close to the 4-year low of the same period.

China's import volume of unwrought copper and copper semis in August were 393,900 mt, a year-on-year decrease of 41.07%, and a month-on-month decrease of 7.2%. The imports from January to August were 3.61 million mt, a year-on-year decrease of 15.4%.

This is a roundup of news in the steel industry for last week.

The steel industry plays an important role in leading global low-carbon development and addressing climate change under the carbon neutrality target. And as traditional processes are reaching their carbon reduction limits, the steel industry must achieve breakthrough technologies in order to realise this target. In the future, hydrogen metallurgy will become the new windfall for the steel industry. This article will giver an overview of the key cooperation projects between international mines and China steel companies in the field of low carbon technology.

As per statistics of SMM Steel, up to Dec.1st, inventory at 35 ports reaches 131.65 million tons, rising 1.41 million tons on weekly basis.

SHFE Aluminium inventories slightly rises this week, reaching 666,581 tonnes historic record.

As per SMM research, this week Shanghai inventories gain an obvious increase of about 10,000 tonnes.

According to SMM inventories data, this week domestic social inventories of RB steel is 4.6439 million tonnes, dropping 5.1% by 247,800 tonnes MoM.

The table below shows inventories of base metals on the LME on October 17.