At the end of October this year, the total steel inventory held by Hebei Province-based Chinese steelmaker Handan Iron and Steel (Hansteel) amounted to 128,600 mt, down by 50,000 mt or 30 percent as compared with the end of October 2011, as announced by Hansteel’s parent company Hebei Iron and Steel Group.
The decrease in question followed measures implemented by Hansteel to reduce its inventory and bring in cash. Accordingly, as of the end of October of the current year the value of steel inventory held by Hansteel was down RMB 200 million ($32.1 million) year on year.