Rebar in-plant inventory dips, social stocks grow

SHANGHAI, Aug 2 (SMM) – In-plant inventories of rebar continued to shrink on the week ended Thursday August 2 while social stocks began to pick up, SMM data showed. 

Social inventories stood at 4.59 million mt as of August 2, up 0.9% from a week ago and up 6.6% from a year ago. Stocks across steel mills registered at 1.73 million mt as of Thursday, down 4% from a week earlier and down 27.9% from last year. 

Overall inventories, including social and in-plant stocks, shrank to 6.33 million mt as of Thursday, down 0.5% on the week and down 8.4% on the year. This marked the fifth consecutive week-on-week drop, slower from a decline of 1.4% last Thursday.