Posted on 16 Sep 2022
Stocks of five major finished steel products at the Chinese traders Mysteel surveys reversed up by 1.1% on week over September 9-15, ending the decline that started in late June, as some deliveries of steel products from mills had eventually arrived at traders' warehouses, Mysteel's latest weekly stocks survey showed. Steel trading was also lukewarm during the period, with China celebrating the Mid-Autumn Festival holiday over September 10-12 and Typhoon Muifa hitting eastern coastal regions.
Total inventories of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among traders in the 132 Chinese cities Mysteel surveys rose 198,700 tonnes on week to 18.6 million tonnes as of September 15. This was 16.4% lower on year, however.
Among the five items, the stocks of rebar and wire rod saw the most on-week rises, gaining 142,300 tonnes and 79,500 tonnes on week to 7.6 million tonnes and 2.8 million tonnes respectively by September 15, Mysteel's data showed.
The daily trading volume of rebar, wire-rod and bar-in-coil among the 237 trading houses nationwide under Mysteel's tracking reached 112,604 tonnes on September 14 – 26.4% lower on week – among which, the volume for those traders in East China reached just 48,438 t/d, plunging 47% on week.
"Currently, spot trading in our region is lacklustre due to the typhoon's impact and because demand from end-users is generally flat," said a market source based in East China's Jiangsu province.
On the other hand, production of these five products among the 184 Chinese steelmakers Mysteel tracks inched up 46,900 tonnes on week to 9.8 million tonnes over September 8-14.
Steel inventories among the traders in a smaller scale of 35 cities increased too after 12 weeks of declines, climbing 1.8% or 192,500 tonnes on week to 11.1 million tonnes over September 9-15, according to Mysteel's data.
Source:Mysteel Global
