Rebar stocks rebound after nearly 4 months of decline

SHANGHAI, Nov 29 (SMM) – China's rebar inventories rebounded as of Thursday November 29 after nearly four months of decline, compared with the same period in 2017. On a weekly basis, stocks also rallied after seven consecutive weeks of decline, SMM data showed.

Overall inventories increased to 5.06 million mt as of Thursday, up 0.7% on the week and up 3.8% on the year. The stocks shrank 0.6% week on week on last Thursday. While social stocks continued to dip, in-plant inventories at steel mills extended increase this week. 

Social stocks declined 4.1% on the week and dipped 8.7% on the year to stand at 2.98 million mt as of Thursday. Inventories across steel mills stood at 2.08 million mt as of November 29, up 8.5% from a week ago and up 28.9% from a year ago. 

Rebar social inventories in Guangzhou of Guangdong province also dipped for the week ended November 29, SMM data showed.