China’s steel inventory drops by 4% w-o-w

China’s steel inventory dropped by 4% w-o-w to 8.55 mnt as on 11 Nov’22 against 8.89 mnt in the previous week.

• Stocks of HRCs fell by 5% to 2.13 mnt while those of CRCs went down by 2% to 1.22 mnt. Plates marginally dropped by 1% at 1.09 mnt.
• Rebars were down by 3% to 3.34 mnt and wire rods stocks declined by 9% to 0.78 mnt.