Posted on 11 Feb 2022
Inventories of the five major finished steel products held by Chinese traders in the 132 cities Mysteel surveys increased further by 10.6% or 2.3 million tonnes over February 4-10, according to Mysteel's tracking. The pace of the build-up was slower than the 25.3% on-week surge in the prior week, however.
"Some domestic traders have already returned to work after their (Chinese New Year) celebrations, but there are still a number of end-users now enjoying their longer holiday break, and the physical market remains generally sluggish," a Shanghai-based market watcher said.
The stocks of those five items comprising rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate held by the surveyed traders added up to 24.1 million tonnes as of February 10. This result also marked a six-week increase, Mysteel's latest survey showed.
Among the five steel items, the stocks of rebar and HRC increased the most, with the former mounting by nearly 1.2 million tonnes from February 3 to reach 11.3 million tonnes as of February 10. The stocks of HRC gained by 389,800 tonnes to settle at 3.9 million tonnes over the same period, according to the survey.
Meanwhile, inventories of those finished steel products held by traders in Mysteel's former smaller sample across just 35 cities climbed for the sixth consecutive week too, rising by a same 10.6% on week to about 15.4 million tonnes as of February 10.
Source:Mysteel Global
