As of January 25, inventory of the main finished steel products (plate, hot rolled coil (HRC), cold rolled coil (CRC), rebar and wire rod) in major steel markets in China totaled 14.796 million mt, up 450,000 mt compared to the previous week and constituting the sixth 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 1.039 million mt lower compared to the same time last year.
In particular, as of January 25 inventory of rebar indicated an increase of 301,000 mt compared to the previous week, rising for the ninth consecutive week on week-on-week basis. As of the same date, wire rod inventory in China was up 72,000 mt week on week. Hot rolled coil inventory and plate inventory in China increased by 45,000 mt and 43,000 mt respectively, while domestic inventory of cold rolled coil was down 10,000 mt, all on week-on-week basis. China’s finished steel inventory is anticipated to increase further with the approach of the Spring Festival holiday.