On September 30 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 9.14 million mt, decreasing by 1.9 percent compared to September 20, following a decline of 2.8 percent recorded in mid-September (September 11-20), as announced by the China Iron and Steel Association (CISA).
In particular, as of September 30, domestic inventories of wire rod and rebar decreased by 4.7 percent and 7.0 percent, respectively, domestic inventory of medium steel plate rose by 2.8 percent, while domestic inventories of HRC and CRC remained stable, all compared to September 20.
The accelerated destocking in late September was mainly driven by two factors: first, concentrated restocking by downstream buyers ahead of the National Day holiday (October 1-7); second, production cuts by steel mills amid sustained losses, with the supply-side contraction playing a direct role in reducing inventories.
