Hot-rolled steel inventory up after 13 consecutive weeks' decline

SHANGHAI, Jun 7 (SMM) – Overall inventories of hot-rolled steel across China as of Thursday June 7 nudged up 0.1% from a week ago after shrinking for 13 consecutive weeks, SMM data showed.

The figure, at 16 weeks after Chinese New Year, includes social and in-plant stocks. It stood at 2.93 million mt and retained its steady year-on-year decline of 25.8%.

An increase across hot-rolled steel inventories at mills drove up the overall figure. In-plant stocks rose 1.4% from a week ago and stood at 958,400 mt as of June 7. This marked the second straight increase after five consecutive weeks of declines.

Social inventories of hot-rolled steel fell for 13 straight weeks and came in at 1.98 million mt as of June 7, down 0.6% week on week, much smaller than 2.9% last week.

On a yearly basis, in-plant stocks fell 14.8% and social inventory shrank 30.1%.

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