Rebar stocks pick up after eight weeks of decline

SHANGHAI, Aug 30 (SMM) – Social and in-plant inventories of rebar rebounded on the week that ended Thursday August 30, SMM data showed. This pulled up China’s overall rebar stocks on a weekly basis, ending its eight consecutive weeks of decline. 

Social inventories stood at 4.47 million mt as of August 30, up 0.3% from a week ago but down 3.3% from a year ago. Stocks across steel mills registered 1.82 million mt as of Thursday, up 9.2% from last week but down 23.9% from a year earlier. 

Overall inventories, including social and in-plant stocks, rebounded to 6.3 million mt as of Thursday, up 2.7% on the week but down 10.3% on the year.