According to the vice president of the Chinese Federation of Logistics and Purchasing, Cai Jin, total steel inventory in the Chinese market now stands at 81 million mt, equal to a supply of nearly 37 days, more than the normal level of a 25-day supply.
Meanwhile, although steel prices in China have lately indicated a weakening, steel prices still show an increase compared to mid-July levels. As indicated by local media sources, on August 26 the high speed wire rod price in the Beijing market was RMB 4,180/mt ($615/mt), up RMB 340/mt ($50/mt) or 8.85 percent compared with the price in the mid-July. Meanwhile, rebar prices have risen by RMB 240/mt ($35/mt) or 6.4 percent to RMB 4,120/mt ($606/mt), compared with the price in mid-July.