SHANGHAI, Nov 9 (SMM) – Downstream demand before winter cuts are implemented on November 15 continued to shrink China's overall stocks of rebar for five consecutive weeks as of Thursday November 8.
Overall inventories shrank to 5.13 million mt as of Thursday, down 2.7% on the week and 19.6% on the year. The week-on-week decline compared to a fall of 4% a week ago. This slower trend is expected to extend into the next week as winter cuts approach.
Social stocks declined 5.4% on the week and dipped 17.8% on the year to stand at 3.39 million mt as of Thursday. Inventories across steel mills stood at 1.74 million mt as of November 8, up 2.9% from a week ago but down 23% from a year ago.
Rebar inventories in Guangzhou of Guangdong province also fell for five weeks as of November 8, SMM data showed.
