China’s steel inventory drops 4%, w-o-w, to 12.24 mnt

China’s steel inventory dropped by 4% w-o-w to 12.24 mnt as on 29 July compared with 12.80 mnt in the previous week, as per Lange Steel.

• Stocks of HRC and plates fell by 1% and 2% w-o-w at 2.72 mnt and 1.19 mnt respectively, while CRC stocks inched up 1% w-o-w to 1.39 mnt.
• Stocks of rebar and wire rods declined sharply by 7% each w-o-w to 5.53 mnt and 1.41 mnt respectively.