Rebar stocks have may peaked

According to SMM research, rebar inventory hiked by 422,800 mt WoW last week, up 198,100 mt YoY. Looking forward, BF steel mills will mostly maintain early planned output, while some EF ones planned to resume production after a technical upgrade. Short-term supply pressure will linger. Terminal demand fell short of expectations after the holidays, but still picked up slowly. Rebar inventory reached its high last week, and may end piling-up this week.