SHANGHAI, Jul 20 (SMM) – Hot-rolled steel inventory across China exceeded the level seen the same period last year for the first time after Chinese New Year, SMM data showed as of Thursday July 19.

The inventory, including social and in-plant stocks, rose 2.3% from a week ago to 3.2 million mt as of July 19, 0.8% higher than the same period last year. It has also risen for seven consecutive weeks.

For the week, social inventory increased by 2.2% to 2.13 million mt, while inventory at mills was up 2.3% to 1.07 million mt. On a yearly basis, social inventory was 5.9% lower while in-plant stocks were 17.6% higher.

Demand was suppressed by broad-based downpours at the end of last week with south and east China taking a hit from Typhoon Maria. Spot prices rebounded from earlier this week, which also depressed trading activity.