Inventories of five key steel products owned by trading firms (social stocks) at 20 major cities in China rebounded by 1.4% during late-July (July 21-31) compared with ten days ago, showed the data from the China Iron and Steel Association (CISA).
Total stocks came in at 12.57 million tonnes on July 31, which was down significantly by 37.8% from a peak of 7.64 million tonnes in early-March, yet still 84.3% higher than 5.75 million tonnes in the start of the year, data showed.
Of the five major steel products, inventories of rebar, wire and hot-rolled coil (HRC) continued growing during the session, while cold-rolled coil (CRC) and medium-thick plate further declined.
Total rebar stocks climbed 1.5% from ten days ago to 6.7 million tonnes on July 31, up for the fifth session in a row.
Stocks of wire rod increased 2.9% from mid-July session to 2.10 million tonnes, while that of HRC grew 3.6% to 1.75 million tonnes.
CRC stocks totaled 1.17 million tonnes at the end of last month, down2.5% compared with ten days ago, data showed. CRC stocks have maintained downtrend since it peaked at 1.73 million tonnes in early-March.
Medium-thick plate declined 2.3% to 850,000 tonnes, data showed.
Steel product stocks at southwestern China region presented biggest increase compared with the level ten days ago, while central China region showed comparatively marked decline, CISA data showed.
Specifically, the top consumption area of eastern China held 3.48 million tonnes of finished steel stocks by the end of July, slightly down from 3.49 million tonnes last session.
Southern China was followed, with inventories of 3.27 million tonnes, higher than 3.25 million tonnes ten days ago.
Southwestern China ranked third, with stocks at 2.54 million tonnes on July 31, up from 2.33 million tonnes on July 20.
That in central China reduced from 1.31 million tonnes to 1.23 million tonnes.
The social finished steel stocks in northern, northwestern and northeastern regions stood at 930,000, 670,000 and 450,000 tonnes, separately.
The CISA has adjusted the statistical frequency of social steel product inventories from monthly to 10-day basis since February, to better track the dynamics of stocks during the epidemic period.
(Writing by Emma Yang Editing by Jessie Jia)
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