China: Steel inventory drops sharply in late-July

Steel inventory at key Chinese mills stood at 16.59 mnt in late-July, a m-o-m decrease of 2.43 mnt, or 12.79%, as per China Iron and Steel Association (CISA) data. Inventory increased by 5.29 mnt or 46.91% compared with the beginning of this year and up by 2.78 mnt, or 20.15% compared with late-July’21.