Steel inventory continues to decline in China

According to the China Iron and Steel Association (CISA), as of March 9 stocks of five main finished steel products (rebar, wire rod, hot rolled coil, cold rolled coil and plate) in 26 major markets in China totaled 18.664 million mt, down 154,000 mt week on week. This was the third consecutive week-on-week decrease, while the decrease margin was greater than in previous weeks.
 
Apart from cold rolled, stocks of all the steel products in question decreased on week-on-week basis in the given week. Overall stocks of these products are 40,000 mt higher on year-on-year basis, especially on the back of the rise in rebar and wire rod stocks, which are up 653,000 mt year on year.