On July 10 this year, overall domestic inventories of the five main finished steel products in 21 major cities in China totaled 9.69 million mt, increasing by 3.6 percent compared to June 30, compared to a rise of 0.1 percent recorded in late June (June 21-30), as announced by the China Iron and Steel Association (CISA).
The sluggish demand from downstream users amid a series of severe weather disasters hitting China, including tornado in Hubei Province, flood in Guangxi Province, typhoon Bavi affecting east, south and north China exerted a negative impact on steel market, contributing to the rise of 3.6 percent in inventories in early July.
In particular, as of July 10, domestic inventories of HRC, medium steel plate, wire rod and rebar rose by 3.2 percent, 0.9 percent, 2.5 percent and 6.2 percent, while inventory of CRC remained stable, respectively, all compared to June 30.
