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China’s total inventories of the five major steel products fell to 14.82 million tonnes this week, down 368,200 tonnes from the previous week, according to data from consultancy Mysteel.
In breakdown, social inventories fell by 320,400 tonnes to 10.03 million tonnes, while inventories at steel mills fell by 47,800 tonnes to 4.79 million tonnes.
In particular, inventories of steel rebar, widely used in construction, declined by 199,400 tonnes to 6.2 million tonnes, with steel mill inventories falling by 50,600 tonnes to 2 million tonnes and social inventories falling by 148,800 tonnes to 4.19 million tonnes
Inventories of hot-rolled coil fell by 95,200 tonnes to 3.3 million tonnes, with steel mill inventories falling 13,600 tonnes and social inventories falling 81,600 tonnes.
China’s total output of steel products reached 9.79 million tonnes this week, rising by 21,800 tonnes from the previous week, according to the data.
Separate data from the China Iron & Steel Association showed that the social inventories of the five major steel products stood at 8.62 million tonnes in the period of October 11 – 20, falling by 410,000 tonnes or 4.5% from the previous ten days.