SHANGHAI, Nov 2 (SMM) – Downstream demand from steel mills and construction sites before winter cuts on November 15 continued to shrink China's in-plant and social stocks of rebar for four consecutive weeks as of Thursday November 1.
Inventories across steel mills stood at 1.69 million mt as of November 1, down 0.6% from a week ago and down 32.3% from a year ago. Social stocks declined 5.5% on the week and dipped 18.4% on the year to stand at 3.58 million mt as of Thursday.
Overall inventories shrank to 5.28 million mt as of Thursday, down 4% on the week and 23.5% on the year. The week-on-week decline compared to a fall of 6.9% a week ago. This slower trend is expected to extend into the next week as winter cuts approach.
Rebar inventories in Guangzhou of Guangdong province also fell for four weeks as of November 1, SMM data showed.
