Finished steel inventory in China declines further

As of July 25, inventory of five main finished steel products in 22 major cities in China amounted to 12.3694 million mt, down 5.96 percent or 784,200 mt month on month, as announced by China's Ministry of Industry and Information Technology (MIIT). This was the fourth consecutive decline in inventory on month-on-month basis, though the decrease rate was slower compared with that observed in the previous two months. The five finished steel products in question are hot rolled coil (HRC), cold rolled coil (CRC), plate, rebar and wire rod, with wire rod inventory declining by 13.22 percent month on month on the given date. Of the above overall volume, respective finished steel product inventories in local markets and at ports in China amounted to 11.1634 million mt and 1.206 million mt, down 5.97 percent and 5.93 percent respectively, both month on month.