On June 30 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 9.35 million mt, increasing by 0.1 percent compared to June 20, shifting from the decline of 0.4 percent recorded in mid-June (June 11-20), as announced by the China Iron and Steel Association (CISA).
The slack demand from downstream users amid the widespread rainy weather and high temperatures exerted a negative impact on destocking activity in the steel market, resulting in the rise in inventories in late June.
In particular, as of June 30, domestic inventories of HRC and CRC rose by 1.4 percent and 0.7 percent, inventories of wire rod and rebar decreased by 1.3 percent, and 0.5 percent, respectively, while inventory of medium steel plate remained stable, all compared to June 20.
