As of March 22, inventory of the main finished steel products (plate, hot rolled coil (HRC), cold rolled coil (CRC), rebar and wire rod) in the major steel markets in China totaled 22.081 million mt, down 427,000 mt week on week and registering the first week-on-week decrease in the past 14 weeks, according to the China Iron and Steel Association (CISA). Meanwhile, the total finished steel inventory in the Chinese market as of the given date was 3.91 million mt higher compared to the same time last year.
In particular, in the week ending March 22 inventory of rebar decreased by 153,000 mt week on week, recording the first week-on-week decrease in the past 17 weeks,. Meanwhile, wire rod inventory in China decreased by 162,000 mt week on week. As of March 22, cold rolled coil inventory and hot rolled coil inventory in China declined by just 15,000 mt and 39,000 mt respectively, while domestic inventory of plate was down by over 58,000 mt, all on week-on-week basis.
Since 2007, China’s finished steel inventory has generally indicated a decrease in late February or early March; however, this year the decline in finished steel inventory occurred later than usual, in late March.
