Chinese steel stocks fall

The social stocks of steel have fallen, and the stocks of steel mills have fallen. Last week, the social stocks of major steel products fell by 42,700 tons on a week-on-week basis, and steel mill inventories fell by 35,300 tons.

In terms of social inventory, last week, the social inventory of rebar was 8,967,500 tons, a decrease of 120,200 tons from the previous month; the social inventory of wire rods was 2,300,400 tons, a decrease of 88,900 tons; the hot coil social inventory was 2,572,100 tons, an increase of 123,800 tons.

In terms of steel mill inventory, last week's steel mill inventory of rebar was 3.52 million tons, the same as the previous week; steel mill inventory of wire rod was 899,000 tons, the same as the previous week; steel mill inventory of hot coil was 0.5 million tons, the same as the previous week.

During the Labor Day holiday, the rate of inventory sales dropped slightly. From the perspective of transactions, downstream demand was good. We expect that the inventory speed will maintain a relatively fast level in the later period.