According to the China Iron and Steel Association, China’s inventory of the main finished steel products plate, hot rolled coil, cold rolled coil, rebar and wire rod in major steel markets totaled 14.796 million tonne, up 450,000 tonne compared to the previous week and constituting the sixth consecutive WoW increase.

Meanwhile the total finished steel inventory in the Chinese market as of the given date was 1.039 million tonne lower compared to the same time last year.

In particular as of January 25th inventory of rebar indicated an increase of 301,000 tonne compared to the previous week rising for the 9th consecutive week on WoW basis. As of the same date wire rod inventory in China was up 72,000 tonne WoW. Hot rolled coil inventory and plate inventory in China increased by 45,000 tonne and 43,000 tonne respectively while domestic inventory of cold rolled coil was down 10,000 tonne all on WoW basis. China’s finished steel inventory is anticipated to increase further with the approach of the Spring Festival holiday.