According to the China Iron and Steel Association, as of December 14th this year inventory of the main finished steel products plate, hot rolled coil, cold rolled coil ,rebar and wire rod in 26 major steel markets in China totaled 11.725 million tonnes down 160,000 metric tonnes compared to the previous week and down 1.156 million metric tonnes year on year.
In particular inventory of rebar indicated increases of 8,000 metric tonnes week on week and 211,000 metric tonnes year on year. As of the same date hot rolled coil inventory in China was down 70,000 metric tonnes compared to the previous week indicating the eighth consecutive week on week decline and recording the lowest level since mid July 2009. Meanwhile wire rod inventory indicated a week on week decrease of 40,000 metric tonnes. Domestic inventories of cold rolled coil and plate were respectively down 25,000 metric tonnes and 33,000 metric tonnes week on week.
In the given week China's overall finished steel inventory indicated a decline due to favorable market demand resulting from strong railway construction investment as well as increased automobile production and sales in November. Meanwhile coming towards the end of the year slack stocking activity by traders due to limited availability of funds also contributed to the decline in finished steel inventory.
Source - SteelOrbis