SHANGHAI, Mar 1 (SMM) – Resumption of construction demand slowed the accumulation of rebar inventories in the week ended Thursday February 28, SMM data showed. 

Sellers mostly firmed up offers this week amid anticipation of a further consumption boost. 

Overall inventories, including social and in-plant stocks, increased to 13.64 million mt as of Thursday February 28, up 3.8% from a week ago but down 0.7% from a lunar year earlier, showed SMM data. This compared with a week-on-week growth of 12% on Thursday February 21. 

As of Thursday February 28, inventories across steel mills stood at 3.43 million mt, down 2.0% from a week ago but up 1.1% from a lunar year ago. Social stocks rose 5.9% on the week but dipped 1.3% on the year to stand at 10.21 million mt as of February 28.

For the same week, social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province, gained 1.91% from Thursday February 21, to 1.92 million mt, SMM data showed. The growth also decreased from the 17.86% a week earlier.