China’s steel inventory drops 4%, w-o-w, to 11.41 mnt

China’s steel inventory dropped by 4% w-o-w to 11.41 mnt today as compared with 11.84 mnt in the previous week, as per Lange Steel.

• Stocks of HRC and CRC fell by 1% each w-o-w to 2.66 mnt and 1.36 mnt respectively, while plate stocks remained flat w-o-w at 1.18 mnt.
• Stocks of rebar and wire rods declined sharply by 6% each w-o-w to 4.90 mnt and 1.30 mnt respectively.