China's retail steel stocks rise 2.3% w-o-w

The stocks of finished steel products held by trading houses across China continued the upward trend and piled up for the third week over June 25-July 1, growing by another 2.3% on week, Mysteel’s latest stocks survey has found, indicating the steadily easing demand with the hot summer weather.

Total inventories of the five major products comprising rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate held by traders in the 132 Chinese cities under Mysteel’s tracking, thus, gained by 503,600 tonnes on week to 22.8 million tonnes as of July 1.

All five major items showed on-week rises in their inventories, according to the survey data, with rebar and HRC stocks increasing the most, by 334,400 tonnes on week to 11.4 million tonnes, and by 99,700 tonnes on week to 3.9 million tonnes respectively.

Meanwhile, production of the five major items declined for the second week over June 24-30, or down 508,700 tonnes on week to 10.6 million tonnes.

The inventories of finished steel products in Mysteel’s former smaller sample across 35 cities increased further, and the volume swelled 347,600 tonnes on week to 14.8 million tonnes as of July 1.

Written by Rong Zhang, zhangronga@mysteel.com

This article has been published under an article exchange agreement between Mysteel Global and SteelMint.