Rebar stocks extend gains on week

SHANGHAI, Jan 25 (SMM) – China's rebar inventories extended their growth this week, but at slower paces than the same period last year, based on the Chinese lunar calendar. 

Overall inventories, including social and in-plant stocks, increased to 6.12 million mt as of Thursday January 24, up 4.6% on the week but down 15.1% on the year, showed SMM data. 

This was two weeks ahead of CNY. While social inventories grew, in-plant stocks shrank on a weekly basis.  

As of Thursday January 24, inventories across steel mills stood at 1.74 million mt, down 6.7% from a week ago and down 16.5% from a year ago. Social stocks rose 9.9% on the week but dipped 14.5% on the year to stand at 4.37 million mt as of January 24.

For the same week, social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, gained 11.3%, or 103,100 mt, and stood at 1.01 million mt, SMM data showed.