Demand Was Weaker Than Expected and The Decline in Inventory may Slow Down This Week

SHANGHAI, Apr 11 (SMM) -Total rebar inventory fell 0.7% on the week, with social inventory falling 0.3%, and in-plant inventory dropping 2.3%. The decline in the total inventory, in-plant inventory and social inventory all slowed down. The spot rebar prices fell by more than 100 yuan/mt last week, but the demand was affected by the poor weather. Therefore, agents were less wiling to pick up goods and the decline in social inventory slowed down. SMM believes that the steel mills will be more willing to delivery, and agents will continue to digest the spot stocks. It is expected that the total inventory of rebar will continue to decline slightly this week.