Decline In Rebar Inventories Slows Down

SHANGHAI, May 5 (SMM) - Decline in construction steel inventories slowed down this week. Rebar inventories fell 1.1% on a weekly basis while wire rod inventories rose 0.2%. Overall inventories were at multi-year lows. Pig iron output loss from blast furnace maintenance rose 6% to 754,200 mt this week while electric furnace operating rates remained low. Spot rebar market was quiet due to holiday break. Post-holiday demand fell sharply. Although supply pressure eased slightly, poor demand slowed down destocking.