SHANGHAI, Nov 16 (SMM) – Declines in China's rebar inventories continued to slow for the week ended Thursday November 16. Stocks declined for six consecutive weeks, SMM data showed.
Overall inventories shrank to 5.06 million mt as of Thursday, down 1.5% on the week and 11.2% on the year. The week-on-week decline compared to a fall of 2.7% a week ago. The slower trend is expected to extend into the next week, and stocks are likely to rebound in the near term.
Social stocks declined 5.4% on the week and dipped 14.2% on the year to stand at 3.21 million mt as of Thursday. Inventories across steel mills stood at 1.85 million mt as of November 15, up 6.2% from a week ago but down 5.6% from a year ago.
As of November 15, rebar inventories in Guangzhou of Guangdong province picke dup after five consecutive weeks of decline, SMM data showed.
