Inventories of five key finished steel products belonging to 184 Chinese steel mills are regularly surveyed by Mysteel for the fourth consecutive week from September 17 to 23, thinning another 0.5% over the week to 6.63 million tonnes due largely to stable external demand, according to the latest weekly survey by Mysteel, steel consumers and production cuts in factories.
The five main items include rebar, wire rod, hot rolled coil, cold rolled coil, and middle plate. Overall, rebar and average sheet stocks declined 1.1% and 3.1% over the week, respectively, while stocks of the other three products increased to varying degrees over the period.
“Several construction contractors have returned to the market to rebuild inventories in preparation for continuing work during the upcoming extended holidays of October 1-8 (national holiday), and this has somewhat eased the pressure on rebar inventory,” the source said. On the market. in Shanghai commented.
Mysteel’s daily survey of 237 trading houses across China showed that their daily trading volumes of construction steel, including rebar, wire rod and wire rod, also recovered slightly from September 17-23, increasing by 3,512 tons per day in a week. and averaging 221,767 dpi.
According to the weekly survey Mysteel, between September 17-23, the total production of five steel products among the surveyed steel companies fell again after a week of growth, losing 0.5% over the week to 10.92 million tons, although production of rebar was observed during the week. – growth over the week by 1% to 3.76 million tons.
Inventories of five major steel products in selected commercial warehouses in 132 Chinese cities also continued to decline for the third week in a row to 22.6 million tonnes in September 18-24, up 1.1% from a week earlier, according to the study. /p>
However, domestic steel prices continued to be under pressure as end-user demand in September, China’s peak steel consumption season, has so far failed to meet market expectations, and steel inventories are down like steel producers. so it was negligible for traders. slower than expected.
For example, the national price of HRB 400 rebar with a diameter of 20 mm in China, an indicator of the viability of the domestic steel market, continued to decline, which was undermined by negative sentiment in the domestic steel market. The price fell another 42 yuan a tonne ($ 6.2 a tonne) in the week to 3764 yuan a tonne, including 13% VAT as of September 23, the lowest since July 8, according to the Mysteel database. p>