Rebar stocks in Guangzhou gain 20% on the week

Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 114,700 mt, in the week ended April 7 to 1.91 million mt, showed SMM data. Stocks were 336,100 mt lower than the same period last year.

Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 5.57%, or 123,500 mt, in the week ended March 3 to 2.34 million mt, showed SMM data. Stocks were 0.22% lower than the same period last year.

Inventories of rebar across Chinese steelmakers and social warehouses stood at 8.35 million mt as of January 28, up 15.7% from a week ago. From the time dimension of the lunar calendar, stocks are up 33.9% from a year earlier.

China steel rebar inventories continued to accelerate increases this week.

According to China Iron and Steel Association, the national standard of raw materials for secondary steel has been released recently and will be officially implemented on January 1 2021.

Operating rates of blast furnaces at Chinese steel makers rose slightly this week as Tangshan decided to lift the level II emergency response to heavy air pollution.

Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 2.15%, or 28,900 mt, in the week ended October 28 to 1.32 million mt, showed SMM data. Stocks were 90.6% higher than the same period last year.

In recent years, Wu'an, Hebei province has made every effort to promote the transformation supply-side structural reforms in the steel industry through capacity reduction, acquisition, reorganisation, and relocation. It plans to commence the upgrade of blast furnaces under 1,000 m³ and converters under 100 mt by the end of 2020 and complete the upgrades by the end of 2022.

China Baowu and Rio Tinto gathered on October 15 to celebrate the completion of the 200 million mt iron ore shipment target of their joint venture Bao-Hi Ranges project, marking an important milestone.

Recently, it was reported by overseas media that China’s state-owned power companies and steel mills have received verbal notifications to suspend thermal coal and coking imports from Australia, according to recent reports by two industry newswire services,