SHANGHAI, Jun 24 (SMM) – Social inventories of five types of steel products in 20 cities in China continued their downward trend in mid-June, at a faster pace, 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 12.13 million mt as of June 20, down 590,000 mt, or 4.6% from June 10. 

The drop in mid-June accelerated from a 3% fall in early-June. The stocks have declined for more than three months as of June 20. 

Wire rods accounted for most of the decline in overall inventories in mid-June, while the stocks of medium-thickness plates held roughly unchanged. CISA data showed that wire rods inventories across 20 Chinese cities came in at 2.15 million mt as of June 20, down 13.2% or 330,000 mt from June 10. 

As of June 20, the overall stocks of steel products were 5.31 million mt, or 77.9% higher than the beginning of the year, but down 8.08 million mt, or 40% from a high of 20.21 million mt seen on March 10.