As of July 31 this year, overall domestic inventories of the five main finished steel products in 20 major cities in China totaled 12.57 million mt, up 0.17 million mt or 1.4 percent compared to July 20, but down 7.64 million mt or 37.8 percent compared to the highest level this year recorded on March 10.
In particular, as of July 31, domestic inventories of hot rolled coil (HRC), common medium plate, wire rod and rebar in China amounted to 1.75 million mt, 0.85 million mt, 2.1 million mt and 6.7 million mt, increasing by 3.6 percent, 2.3 percent, 2.9 percent and 1.5 percent, respectively, compared to July 20, while inventories of cold rolled coil (CRC) amounted to 1.17 million mt, decreasing by 2.5 percent compared to July 20.
Inventories of steel mostly increased in the given period amid floods in some regions of China and the hot summer weather, while finished steel prices gained solid support from rising iron ore prices.