On May 10 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 10.0 million mt, decreasing by 2.2 percent compared to April 30, 1.4 percentage points slower compared to the declining pace recorded in late April (April 21-30), as announced by the China Iron and Steel Association (CISA).
The continuing decline in inventory signals that downstream procurement has depleted stocks and that demand following the Labor Day holiday (May 1-5) has been quite good as some downstream users have needed to replenish stocks after the holiday.
In particular, as of May 10, domestic inventory of HRC and CRC rose by 0.5 percent and 3.5 percent, while inventory of medium steel plate, wire rod and rebar decreased by 1.8 percent, 6.0 percent and 4.4 percent, respectively, all compared to April 30.
