SHANGHAI, Sep 12 (SMM) – China's inventories of construction material rebar shrank for the fifth straight week as of Thursday September 12 amid ongoing output cuts.
SMM data showed that rebar inventories across social warehouses stood at 5.49 million mt as of Thursday September 12, down 6.8% on the week, after they fell 3.3% a week ago.
Inventories across steel plants shrank 8.2% on the week to stand at 2.2 million mt, compared with an 8.5% decline a week earlier.
Overall inventories of rebar, including stocks across steelmakers and social warehouses, slid 7.2% and posted 7.69 million mt as of Thursday September 12, accelerating from a decline of 4.9% in the prior week.
On a yearly basis, overall inventories remained 25.4% higher as of September 12.