Hot-rolled steel inventory at mills higher from a year ago

SHANGHAI, Jun 21 (SMM) – Hot-rolled steel inventory across China’s mills as of Thursday June 28 came in higher than the level seen a year ago, at 19 weeks after the Chinese New Year holiday, SMM data showed.

This is the first time such inventory stood higher on a yearly basis since early March.

As of Thursday, the in-plant inventory rose 1.1% over the week to stand at 1.01 million mt, up 1.3% year on year.

Meanwhile, the social inventory went up 2.1% week on week to 2.09 million mt, 24.9% lower on a yearly basis.

The overall inventory, including social inventory and stocks at plants, went up 1.7% to 3.1 million mt, 18% lower year on year. It has risen for four consecutive weeks, however.