As of October 31 this year, overall domestic inventories of the five main finished steel products in 20 cities of China totaled 11.27 million mt, down 890,000 mt or 7.3 percent compared to mid-October, but down 8.94 million mt or 44.2 percent compared to the highest level this year recorded on March 10.
In particular, as of October 31, domestic inventories of hot rolled coil (HRC), cold rolled coil (CRC), common medium plate, wire rod and rebar amounted to 1.92 million mt, 1.15 million mt, 0.99 million mt, 1.75 million mt and 5.46 million mt, down 6.3 percent, 1.7 percent, 2.9 percent, 11.6 percent and 8.1 percent, respectively, compared to October 20.
Good weather in late October exerted a positive impact on the demand for steel, causing reductions in inventories in the given period.
