In early December (Dec. 1-10) this year, overall domestic inventories of the five main finished steel products in 20 cities of China totaled 7.6 million mt, down 0.77 million mt or 9.2 percent compared to late November.
In particular, as of December 10, domestic inventories of hot rolled coil (HRC), cold rolled coil (CRC), common medium plate, wire rod and rebar amounted to 1.37 million mt, 0.94 million mt, 0.90 million mt, 1.19 million mt and 3.2 million mt, down 9.9 percent, 6.0 percent, 4.3 percent, 4.8 percent and 12.6 percent, respectively, compared to November 30.
Demand for steel in early December was good amid surging steel prices, though the cold weather in northern China negatively affected demand there. Steel prices have started to indicate downward corrections, which may result in rising inventories.