Hot-rolled steel inventory grows for three consecutive weeks

SHANGHAI, Jun 21 (SMM) – Inventories of hot-rolled steel in China, including social inventories and stocks at plants, increased for three consecutive weeks to stand at 3.04 million mt as of Thursday June 21, SMM data showed.

Over the week ended June 21, overall inventories rose 3.3% after it gained 0.4% in the previous week. Growth in social inventories and plant stocks accounted for the larger increase in overall inventories.

Social inventories gained 2.4% to 2.04 million mt; stocks at plants grew 5.4% to 999,600 mt.

On a yearly basis, 18 weeks after the Chinese New Year, overall inventories, social inventories and in-plant inventories rose 20.6%, 27.0% and 3.2%, respectively.