As of March 8, inventory of the main finished steel products (plate, hot rolled coil (HRC), cold rolled coil (CRC), rebar and wire rod) in the major steel markets in China totaled 22.316 million mt, up 565,000 mt week on week and constituting the 12th consecutive week-on-week increase, according to the China Iron and Steel Association (CISA). Meanwhile, the total finished steel inventory in the Chinese market as of the given date was 3.652 million mt higher compared to the same time last year.
In particular, in the week ending March 8 inventory of rebar rose for the 15th consecutive week on week-on-week basis, reaching over 10 million mt. Meanwhile, wire rod inventory in China increased by 138,000 mt week on week. As of March 8, cold rolled coil inventory and plate inventory in China decreased by 32,000 mt and 5,000 mt respectively, while domestic inventory of hot rolled coil was up 11,000 mt, all on week-on-week basis.