SHANGHAI, Oct 26 (SMM) – Operation at downstream construction sites continued to grow and this shrank China's in-plant and social inventories of rebar for three consecutive weeks as of Thursday October 25.
Inventories across steel mills stood at 1.71 million mt as of October 25, down 4.2% from a week ago and down 32.8% from a year ago. Social stocks declined 8.1% on the week and dipped 17.2% on the year to stand at 3.79 million mt as of Thursday. This fell below 4 million mt for the first time this year.
Overall inventories shrank to 5.49 million mt as of Thursday, down 6.9% on the week and 22.8% on the year.
Rebar inventories in Guangzhou of Guangdong province also fell on the week ended October 25, SMM data showed.