China’s steel inventory drops 3% w-o-w to 11.03 mnt

China’s steel inventory dropped by 3% w-o-w to 11.03 mnt today as compared with 11.41 mnt in the previous week, as per Lange Steel.

• Stocks of HRC and plates declined by 3% and 1% w-o-w to 2.57 mnt and 1.17 mnt respectively, while CRC stocks remained flat w-o-w at 1.36 mnt.
• Rebar stocks fell sharply by 6% w-o-w to 4.61 mnt while stocks of wire rods inched up by 1% w-o-w to 1.31 mnt.