Rebar inventory kept shrinking

As of November 2, the total domestic rebar inventory shrank for three consecutive weeks, seeing a 326,000 mt drop in rebar stocks last week. Looking at the future, rebar market will perform well, feeding into steel mills’ high inventive to production. Therefore, rebar supply may inch higher, while demand is expected to appear resilient in mid-to-early November with passable sentiment and a need to rush work at construction sites. In a word, rebar stocks may continue to decline this week.