As of October 10 this year, overall domestic inventories of the five main finished steel products in 20 major cities in China totaled 12.64 million mt, up 410,000 mt or 3.4 percent compared to September 30, but down 7.57 million mt or 37.5 percent compared to the highest level this year recorded on March 10.
In particular, as of October 10, domestic inventories of hot rolled coil (HRC), cold rolled coil (CRC), common medium plate and wire rod amounted to 2.05 million mt, 1.19 million mt, 1.02 million mt and 2.05 million mt, increasing by 8.5 percent, 5.3 percent, 7.4 percent and 7.9 percent respectively, while inventories of rebar amounted to 6.33 million mt, decreasing by 0.5 percent, all compared to September 30.
The long National Day holiday negatively affected transaction activities in the steel market, resulting in higher inventories in the given period.
