As of February 22, 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 20.3837 million mt, up 2.3677 million mt compared to the previous week and constituting the 10th consecutive week-on-week increase, according to the China Iron and Steel Association (CISA).
China’s finished steel inventory has indicated a further increase due to weak demand from the downstream side after the Spring Festival holiday. Currently, most traders are pessimistic because of the present poor market activity and increases in finished steel inventory.