Rebar Inventory Dropped More Quickly Due to Production Cuts and Pre-Holiday Restocking Demand

SHANGHAI, May 4 (SMM) - Last week, the total rebar inventory fell 4.7% on the week, with social inventory falling 5.7%, and in-plant inventory dropping 0.4%. The total, in-plant and social inventory of rebar all fell more rapidly last week given the production cuts of both BF-based and EAF-based steel mills and the release of pre-holiday demand. Market players are not so confident about the future market as the spot market transactions will be suspended during the holiday and the terminal demand may decrease significantly. As such, the destocking of rebar stocks post the holiday may slow down.