China’s steel product inventory declines further

As of April 20, the aggregate inventory in China of the main five finished steel products (rebar, wire rod, hot rolled coil (HRC), cold rolled coil (CRC) and plate) totaled 17.063 million mt, down 387,000 mt week on week and indicating a ninth consecutive week of decline, according to Chinese news agency Sina Finance.
 
Meanwhile, the inventory volume in question was up 1.058 million mt compared with the same date last year. In April, the rate of decline of steel inventory has accelerated, with a decrease of 300,000 mt seen in the first two weeks of the month.
 
According to the China Iron and Steel Association (CISA), the average daily crude steel output in China in early April (April 1-10) totaled 2.03 million mt, constituting an all-time high.