SHANGHAI, Oct 12 (SMM) – Downstream restocking of raw materials after the week-long National Day break limited growth in China's overall stocks of hot-rolled coil (HRC) in the first week after the break, SMM research found.
As of Thursday October 11, HRC stocks across social warehouses and steelmakers came in at 3.46 million mt, up only 1,000 mt, or 0.04%, from a week earlier, SMM data showed. The figure stood 6.9% higher than the same period last year and reflected that fundamentals remain under pressure. HRC inventories gained 7.4% over the holiday.
HRC inventories across steelmakers shrank 39,000 mt, or 3.6%, this week. Downstream consumers purchased cautiously before the holiday and restocked to maintain normal operation after the holiday. In-plant HRC stocks increased 5% and stood at 1.04 million mt as of October 11.
Social inventories rose 41,000 mt, or 1.7%, over the week to 2.42 million mt, standing 7.2% higher than the corresponding period last year.
