SHANGHAI, Nov 22 (SMM) – Declines in China's rebar inventories continued to slow for the week ended Thursday November 22. Stocks declined for seven consecutive weeks, SMM data showed.
Overall inventories shrank to 5.03 million mt as of Thursday, down 0.6% on the week and down 5.8% on the year. The week-on-week decline compared to a fall of 1.5% a week ago.
Social stocks declined 3.1% on the week and dipped 10.3% on the year to stand at 3.11 million mt as of Thursday. Inventories across steel mills stood at 1.92 million mt as of November 22, up 3.6% from a week ago and up 2.6% from a year ago.
Rebar inventories in Guangzhou of Guangdong province fell 2.19% for the week ended November 22, SMM data showed.