As of July 10 this year, total domestic inventories of five major finished steel products in China's 21 major cities totaled 9.69 million tons, up 3.6 percent from June 30, compared with a 0.1 percent increase recorded at the end of June (June 21-30), the China Iron and Steel Association (CISA) announced.
Sluggish demand from process industry consumers amid series severe weather disasters that hit China, including a tornado in Hubei province, flooding in Guangxi province, Typhoon Bavi, which hit eastern, southern and northern China, had a negative impact on the steel market, contributing to an increase in inventories of 3.6 percent in early July.
In particular, as of July 10, domestic inventories of hot-rolled steel, medium steel sheet, wire rod and rebar rose 3.2 percent, 0.9 percent, 2.5 percent and 6.2 percent, while CRC inventories remained stable, respectively, compared to June 30.
