On September 20 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 9.32 million mt, decreasing by 2.8 percent compared to September 10, following a decline of 1.2 percent recorded in early September (September 1-10), as announced by the China Iron and Steel Association (CISA).
In particular, as of September 20, domestic inventories of wire rod and rebar decreased by 2.3 percent and 7.0 percent, respectively, domestic inventory of medium steel plate rose by 0.9 percent, while domestic inventories of HRC and CRC remained stable, all compared to September 10.
The marginal recovery of finished steel demand ahead of the National Day holiday (October 1-7), combined with production cuts by steel mills amid sustained losses, accelerated the pace of destocking on both the supply and demand sides.
