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| China’s steel inventory rises for consecutive eight weeks |
| Date：Feb. 22, 2012 |
According to the data released by the China Iron and Steel Association (CISA), the inventory of five major steel products, including deformed steel bar, wire rod, hot rolled coil (HRC), cold rolled coil (CRC) and medium heavy plate amounted to 19 million tons in 26 major steel market in China on February 17th, up 510,000 tons from a week earlier, rising for consecutive eight weeks.
It’s analyzed that the continuous increase in steel inventory was caused by slack demand from downstream end users such as constriction, automobile, shipbuilding and machinery.
Thus, Chinese steel mills have started the maintenances in February in order to digest the inventory.
It’s expected that the steel inventory in Chinese steel market will return to normal standard in March and April after steel mills digest the inventory and buyers start to purchase.
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