SHANGHAI, Sep 27 (SMM) – China's in-plant and social inventories of rebar rallied on the week that ended Thursday September 27, SMM data showed. This brought up the overall inventories, including social and in-plant stocks, after three consecutive weeks of decline.
High profits raised steel mills' producing enthusiasm. This, coupled with risk aversion of downstream buyers who stockpiled less than expected, accounted for the rise in inventories, SMM believes.
Inventories across steel mills stood at 1.88 million mt as of September 27, up 7.2% from a week ago but down 19.4% from a year ago. Social stocks rebounded 0.4% on the week and dipped 6% on the year to stand at 4.23 million mt as of Thursday.
Overall inventories rose to 6.11 million mt as of Thursday, up 2.4% on the week and down 10.6% on the year.
Rebar inventories in Guangdong also jumped for the week ended September 27, SMM data showed.
