A spike in April's steel demand from the construction industry helped reduce China's steel stocks by 15.3% to 11.38 million tonnes, according to CISA (the China Iron and Steel Association). Wire rod and rebar inventories shrank by 22.2% and 23% respectively, while hot-rolled coil stocks fell by 7.4%. Steel stocks reached 18 million tonnes by the end of March, and inventories are expected to build in June ahead of anticipated rains across China.
A spike in April's steel demand from the construction industry helped reduce China's steel stocks by 15.3% to 11.38 million tonnes, according to the China Iron and Steel Association (CISA). Wire rod and rebar inventories shrank by 22.2% and 23% respectively, while hot-rolled coil stocks fell by 7.4%. Steel stocks reached 18 million tonnes by the end of March, and inventories are expected to build in June ahead of anticipated rains across China.