Inventories of five major steel products declined 327,600 tons and reached 18.9 million tons for the 10th week. My Steel conducted a survey in China based on stocks of traders in a few cities in China. Medium plate, hot rolled coil (HRC), rebar, cold rolled coil (CRC), and wire rod has been selected for the survey.
Steel stocks had decreased 2.8% with a decline of 330,400 tons and reached 11.4 million tons in an earlier survey of 35 cities. Total volume decreased slower to 1.7% in the current week compared to 2.8% in the previous week. It is reported that the need to destock the inventories will require more attention due to the increase in finished steel products.
The total output of five steel products has increased by 0.3% and settled at 9.2 million tons for 18-24 August. The stock of HRC witnessed a decline of 112,000 tons and reached 4 million tons, while rebar shed 202,800 tons and reached 7.9 million tons by August 25, 2022.
Adverse weather like floods, heat waves, and droughts have slowed the construction and production of steel items, resulting in less demand for steel scrap and steel products.
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