SHANGHAI, Jul 30 (SMM) - China’s national rebar inventories have been falling for thrid consecutive weeks amid lower supply.
Inventories of rebar across Chinese steelmakers and social warehouses stood at 11.35 million mt as of July 29, down 22,700 mt or 0.20% from a week ago. Stocks are up 1.82% from a year earlier.
In-plant inventories further declined this week due to the production cuts on crude steel, but the decrease narrowed, indicating that some steel mills increased output for the high profits.
Inventories at Chinese steelmakers fell 24,300 mt on the week and stood at 3.22 million mt. Stocks are down 0.75% from a week ago and 6.89% from a year earlier.
The trade weakened from the previous week, as the transportation and construction was affected by the floods in Henan, the typhoon in east China, and the spreading pandemic. Therefore, the social inventories of rebar increased slightly.
Inventories at social warehouses rose 1,600 mt on the week and stood at 8.13 million mt, up 0.02% from a week ago and 5.74% higher from a year ago.
