All five major finished steel products inventories, including rebar, wire rod, hot rolled coil, cold rolled coil and medium plate, have declined in the recent period.
Among total stocks, rebar stocks saw the sharpest decline at 276,000 tons, reaching 5.2 million tons. There was a decrease of 88,400 tons per week.
A Shanghai-based source said that during the survey period, most traders preferred to sell their stocks to minimize risks, reflecting the prevailing bearish sentiment in the steel market.
Meanwhile, Mysteel's report showed that the total output of the five steel products on December 16-22 reversed after two weeks' increase and fell 2.6% to 8.85 million tons, down 234,100 tons week on week.
Chinese steel prices remained stable and the national price of HRB400E 20mm diameter rebar increased by only Yuan 10/tonne ($1.6/t) week-on-week to Yuan 4,850/t including 13% VAT, according to Mysteel's assessment.
As of December 23, inventories of these five steel products covered by a small-scale survey also fell in the eleventh week, with volume falling 3.4%, or 313,300 tons week on week, to 8.8 million tons, the lowest level in 11.5 months.
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