First YoY decline in rebar inventories after CNY

SHANGHAI, Aug 23 (SMM) – As of Thursday August 23, social inventories of rebar registered the first year-on-year decline since Chinese New Year, SMM data showed. 

Social inventories stood at 4.46 million mt as of August 23, down 1.6% from a year ago and down 1.2% from a week ago. Stocks across steel mills registered at 1.67 million mt as of Thursday, down 28.9% from last year and down 0.9% from a week earlier. 

Overall inventories, including social and in-plant stocks, shrank to 6.13 million mt as of Thursday, down 1.1% on the week and down 10.9% on the year. This marked the eighth consecutive week of decline.