Total Chinese steel market inventory stands at 81 million mt

According to the vice president of the Chinese Federation of Logistics and Purchasing, Cai Jin, total steel inventory in the Chinese market now stands at 81 million mt, equal to a supply of nearly 37 days, more than the normal level of a 25-day supply Meanwhile, although steel prices in China have lately indicated a weakening, steel prices still show an increase compared to mid-July levels. As indicated by local media sources, on August 26 the high speed wire rod price in the Beijing market was RMB 4,180/mt ($615/mt), up RMB 340/mt ($50/mt) or 8.85 percent compared with the price in the mid-July. Meanwhile, rebar prices have risen by RMB 240/mt ($35/mt) or 6.4 percent to RMB 4,120/mt ($606/mt), compared with the price in mid-July.

Source: Steel Orbis