Long steel social inventories fell 7.3% from mid-October to 11.27 million mt in late October

SHANGHAI, Nov 4 (SMM) – Data from the China Iron and Steel Association (CISA) showed that long steel social inventories of five major varieties of long steel in 20 cities stood at 11.27 million mt in late October, down 890,000 mt or 7.3% from mid-October. The decline month on month has expanded. Inventories have shown a downward trend recently.

Inventories in seven regions continued to decline month on month in later October. Stocks in east China decreased most by 350,000 mt, down 11.5%; stocks in north China and south China decreased 110,000 mt, down 10.8% and 3.4%, respectively; stocks in southwest China decreased 100,000 mt, down 3.8%; stocks in central China decreased 80,000 mt, down 6.4%; stocks in northeast China and northwest China decreased 70,000 mt, down 19.5% and 12.5% from the previous month, respectively.

Rebar inventories decreased most in late October. Wire rods inventories decreased most sharply in late October. HRC, cold-rolled coil and medium plate stocks all fell.

HRC stocks stood at 1.92 million mt in late October, decreasing 130,000 mt or down 6.3% from mid-October. HRC stocks fell after the continuous increase.

Cold-rolled coil stocks stood at 1.15 million mt in late October, decreasing 20,000 mt or down 1.7% from mid-October. Cold-rolled coil stocks have shown a downward trend recently.

Medium plate stocks stood at 0.99 million mt in late October, decreasing 30,000 mt or down 2.9% from mid-October. Medium plate stocks went down slightly.

Wire rod stocks stood at 1.75 million mt in late October, decreasing 230,000 mt or down 11.6% from mid-October. Wire rod stocks showed an obvious downward trend in late October.

Rebar stocks stood at 5.46 million mt in late October, decreasing 480,000 mt or down 8.1% from mid-October. Rebar stocks were relatively stable in the early weeks, with a sharp decline in late October.