[Ferro-Alloys.com] On February 3, the daily turnover of steel in China was 18300 tons,lower than 100000 tons per day for 9 consecutive days and 50000 tons per day for 5 consecutive days; the average turnover of steel in 5 consecutive days was 30700 tons, 43% lower than that in the same period of last year's lunar calendar, and even lower than that before last year's New Year's Eve. From 227400 tons on January 4 to 18300 tons on February 3, the drop was 92%, and the spot trade almost "returned to zero".
As of February 4, the apparent demand for rebar was 1.4414 million tons per week, falling for four consecutive weeks; the total inventory was 10.6952 million tons, which increased for six consecutive weeks, and the growth rate increased week by week. This year, the starting point of accumulation of rebar is later than previous years, but thanks to the late Spring Festival, and the total accumulation time is guaranteed.
As of February 4, the weekly output of rebar was 3.2195 million tons, with a month on month decrease of 117200 tons, the largest decrease in the year, and it decreased continuously for five weeks, which will help to support the steel price in a short time.