Steel stocks at Chinese traders rise further ahead of holidays
The stocks of finished steel products held by trading warehouses in the 132 Chinese cities surveyed by Mysteel grew for the third straight week by 929,600 tonnes over Jan...
The surveyed traders' inventories of the five major steel items had increased by 6.6% on week to 15.03 million tonnes as of January 20. The five comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate.
Among the five items, the stocks of rebar and wire rod still mounted the most, with the tonnage of the former rising by 636,900 tonnes on week to 6.1 million tonnes as of January 20 and that of rods gaining by 202,900 tonnes on week to 2.2 million tonnes, the survey data showed.
Meanwhile, China's domestic steel demand softened further over January 13-19 as many construction companies had suspended work to let workers return to their hometowns for the festive celebration, Mysteel Global noted. The daily trading volume of construction steel including rebar among the 237 traders Mysteel samples plunged by 40.1% on week to just 80,649 tonnes/day on average.
As of January 20, the inventories of finished steel products in Mysteel's former smaller sample in just 35 cities also climbed for the third consecutive week, rising by another 547,100 or 6% on week to 9.7 million tonnes.
Written by Rong Zhang, zhangronga@mysteel.com
This article has been published under and exchange agreement between MySteel Global and SteelMint.
