China's steel inventory hit all-time high, industry watchers urge production cut

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

China's steel inventory hit an all-time high due to weaker demand from downstream sectors which haven't resumed full capacity production amid the coronavirus outbreak, prompting industry watchers' call for sector-wide production cut.

According to data from ChinaTSI, an industry consultancy, steelmakers' inventory reached 34.28 million tonnes last week and the inventory is expected to maintain uptrend momentum as steel companies are churning out 2 million tonnes tonnes a day.

Steelmakers' inventory and social inventory combined reached 29.22 million tonnes last week, exceeding the previous all-time high of 25 . . .

Sign In or Subscribe To Get Full Access.

Everything you need about China markets is on THE WIRE - one timeline with up-to-the-minute updates throughout every trading day.

Follow China Market In The Most Efficient Way!

TRY US FOR FREE