SHANGHAI, May 10 (SMM) – Overall rebar inventories in China dropped 6.1% from a week ago as of Thursday May 10, marking the eight consecutive weeks of decline, SMM data showed.

The country’s rebar inventory, including social inventory and inventory at mills, stood at 8.48 million mt on Thursday, 12 weeks after Chinese New Year. This is down 7% from the same period last year.

Inventories across mills fell 1.9% from a week ago and 31.1% from a year ago, to stand at 2.17 million mt. Its week-on-week drop was slower from 7.8% of the previous week. Social inventories of rebar shrank 7.4% on the week but rose 5.6% on the year, and stood at 6.32 million mt. 

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