On October 20 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 8.96 million mt, decreasing by 4.6 percent compared to October 10, following a rise of 2.7 percent recorded in early October (October 1-10), as announced by the China Iron and Steel Association (CISA).
In particular, as of October 20, domestic inventories of HRC, medium steel plate, wire rod and rebar decreased by 0.4 percent, 5.7 percent, 6.0 percent and 9.2 percent, respectively, while domestic inventory of CRC rose by 1.4 percent, all compared to October 10.
Rebar recorded the largest inventory decline in both volume and percentage. This was primarily attributable to the temporary restocking demand generated by the resumption of construction activity after the holidays and to mills' voluntary output reductions amid mounting losses. CRC was the sole product to run counter to the trend, with its increase directly linked to the lackluster demand from the automotive and home appliance sectors during the "Silver October" peak season.
