SHANGHAI, Oct 12 (SMM) – China's in-plant and social inventories of rebar fell on the first week after the National Day holiday as construction sites accelerated operation before winter cuts set in later this month. This followed two weeks of increase in overall stocks, SMM data showed.
SMM believes that restrictions in the upcoming heating season are like to cool downstream demand in the long run.
Inventories across steel mills stood at 1.96 million mt as of October 11, down 6.9% from a week ago and down 25.5% from a year ago. Social stocks declined 3.0% on the week and dipped 9.5% on the year to stand at 4.43 million mt as of Thursday.
Overall inventories shrank to 6.39 million mt as of Thursday, down 4.2% on the week and 15.1% on the year.
Rebar inventories in Guangdong also fell on the week post-holiday, SMM data showed.
