SHANGHAI, May 3 (SMM) – Overall rebar inventories in China, as of Thursday May 3, dropped 6.47% from a week ago and 5.7% from a year ago to register at 9.03 million mt, SMM data showed.
The total figure includes social inventories and inventories at mills 11 weeks after Chinese New Year. The week-on-week decline marked the seventh consecutive week of decline but was smaller than the dip a week ago.
Social inventories of rebar shrank 6.02% on the week but rose 5.7% on the year, and stood at 6.82 million mt. Inventories across mills declined 7.83% from a week ago and 29.26% from a year ago, and stood at 2.21 million mt.
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