SHANGHAI, Jun 15 (SMM) – Social inventories of five types of steel products in 20 cities in China extended a downward trend in early-June, following after a peak level in early March, according to a survey by China Iron and Steel Association (CISA).

The latest CISA data showed that social inventories of hot- and cold-rolled plates/coils, plates of medium thickness, wire rods and rebar in 20 Chinese cities stood at 12.72 million mt as of the June 10, down 400,000 mt, or 3% from May 31.

The stocks have declined for about 90 days as of June 10, with the decline in June 1-10 narrowing from that in May 21-31.

Rebar accounted for most of the decline in overall inventories in early-June, while the stocks of medium-thickness plates and wire rods edged higher. CISA data showed that rebar inventories across 20 Chinese cities came in at 6.34 million mt as of June 10, down 3.5% or 230,000 mt from May 31. 

As of June 10, the overall stocks of steel products were 5.9 million mt, or 86.6% higher than the beginning of the year, but down 7.49 million mt, or 37.1% from a high of 20.21 million mt seen on March 10.