Posted on 09 Sep 2022
Stocks of the five major steel items held by Chinese traders declined for the twelfth successive week over September 2-8, dipping by another 1.6% on week, Mysteel's latest survey shows. End-users had replenished some quantities to fulfil their needs prior to China's Mid-Autumn Festival holiday (September 10-12), contributing to the decline, sources observed.
Total inventories of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate among traders in 132 cities nationwide Mysteel surveys had declined by 304,200 tonnes on week to 18.4 million tonnes as of September 8, the survey data showed.
Among the five, the stocks of rebar and HRC witnessed the sharpest on-week declines, losing 174,500 tonnes and 80,300 tonnes on week to 7.5 million tonnes and 3.9 million tonnes respectively as of Thursday.
A steel trader based in East China told Mysteel Global that demand had picked up moderately during the survey week, as "some end-users had opted to stock up finished steel products before the (Mid-Autumn Festival) holiday break, which boosted spot sales," he said.
Consequently, the daily trading volume of rebar, wire rod and bar-in-coil among 237 trading houses across the country under Mysteel's tracking climbed by 22,116 tonnes/day or 15.8% on week to average 162,474 t/d over September 1-7, Mysteel's data showed.
Meanwhile, steel inventories held by traders in Mysteel's former smaller sample across just 35 cities, declined 227,200 tonnes or 2% on week to 10.9 million tonnes as of September 8.
Source:Mysteel Global
