SMM: Construction Steel Inventory Plummets as Market Recovers from Oversold, Boosted by Improved Demand & Supply Dynamics

Publicado: Aug 29, 2024 17:07
[SMM Building Materials Inventory: Market Rebounds from Oversold Position, Inventory Accelerates Decline] This week, the total inventory of construction steel accelerated its decline, with the total inventory of rebar dropping by 10.32% and wire rod inventory falling by 3.65% from the previous week. On the supply side, thanks to multiple rounds of price cuts in coke, steel products rebounded rapidly, and the loss situation of long and short-process steel plants has eased. This week, some blast furnace steel plants have resumed production of construction materials, with supply slightly picking up, but overall production remained low. On the demand side, after the market strengthened, market confidence has recovered, and both futures and spot traders and end-users showed more enthusiasm for purchasing, leading to a release of demand. In the off-season context, the improvement in demand has accelerated the decline in building materials inventory.

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[SMM Building Materials Inventory: Market Rebounds from Oversold Posit - Shanghai Metals Market (SMM)