As of April 20 this year, total domestic inventories of five major finished steel products in China's 21 major cities totaled 10.6 million tons, down 2.0 percent from April 10, 3.3 percentage points slower than the decline rate recorded in early April (April 1-10), the China Iron and Steel Association announced. (CISA).
The decline in inventories indicates that subsequent purchases continue to deplete stocks and that demand during the traditional April peak season has indeed materialized. However, the pace of inventory decline has slowed, suggesting that the pace of inventory decline is slowing and the peak of the peak demand season may have already passed.
Specifically, as of April 20, domestic inventories of HRC, CRC, wire rod and rebar fell by 2.8 percent, 0.7 percent, 5.5 percent and 2.0 percent, respectively, while domestic inventories of average steel sheet increased by 0.9 percent, all compared to April 10.
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