HRC production continued to increase

HRC production at 41 steel mills surveyed by SMM reached 3.4002 million mt in the week ending Mar 28, up 21,100 mt. The output further increased as the impact of maintenance weakened. Some steel mills in east and northeast China will release maintenance arrangements in April.

The weekly decline in social inventory narrowed

SMM statistics showed the social inventory of HRC in 86 warehouses nationwide totaled 4.2652 million mt as of March 28, down 3.68% WoW. Except for the south China market, inventory declined in north China, east China, northeast China and central China.

Decline in HRC in-plant inventory slowed down

HRC in-plant inventory reached 1.3289 million mt as of Mar 28, down 10,200 mt WoW. HRC production recovered, coupled with the slower delivery, the decline in in-plant inventory slowed down.

As of January 1, 2024, SMM’s weekly HRC production and in-plant inventory covered 81% of China’s HRC capacity.