SHANGHAI, May 24 (SMM) – Social inventories of five categories of finished steel in China’s 20 major cities, including stocks in the market and at ports, shank 2.06 million mt from April and stood at 11.39 million mt in May, according to data from the China Iron and Steel Association (CISA). The month-on-month decline of 15.3% was larger than 12.9% in April.
Social inventories of rebar, wire rods, hot-rolled coil and medium and heavy plates all declined on the month. Social inventories of cold-rolled coil rose 4.2%.
Steel inventories in the market dropped 16.1% on the month and stood at 2.01 million mt to 10.51 million mt, and port stocks dipped 5% and stood at 880,000 mt.
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