Hot-rolled coil inventories dip on week

SHANGHAI, Jan 25 (SMM) – Hot-rolled coil (HRC) stocks across social warehouses and steelmakers in China dipped 0.9% from a week ago and came in at 2.87 million mt as of Thursday January 24, SMM data showed.

With one week before the Chinese New Year (CNY) break, HRC inventories stood 2.8% lower than the lunar period last year.

For the same period, HRC social stocks edged up 0.2% and stood at 1.95 million mt, after it gained 2.2% in the previous week. Social inventories as of January 24 stood 4.3% lower than the same period before CNY last year.

HRC stocks across steelmakers declined 3.3% to 922,700 mt, up 0.4% year on year.