SHANGHAI, Sep 28 (SMM) – Stocks of hot-rolled coil (HRC) across social warehouses and steelmakers in China grew this week as large numbers of cargoes arrived at the social warehouses and as downstream consumers kept cautious in purchasing despite the upcoming week-long public holiday, SMM research found.
As of Thursday September 27, HRC stocks that include social and in-plant volumes gained 2% from a week ago to stand at 3.22 million mt. This marked the second straight weekly gains and expanded the year-on-year growth to 10.2%, SMM data showed.
Social inventories rose 2.1% over the week to 2.21 million mt, standing 8% higher than the same period last year. The southern markets saw sharp increases in stocks as cargoes that were deterred by Typhoon Manghkut entered the warehouses.
Steelmakers saw their HRC inventories up 1.7% to 1.01 million mt, up 15.5% on a yearly basis.
