Inventories at Chinese steel mills surge by 25pct since Jan beginning
Wednesday, 22 February 2012 | 16:30
China Iron & Steel Association data showed that steel inventories at key Chinese steel mills monitored by CISA reached 10.98 million tonnes by the end of January, the highest since the second half of 2009 and rising 24.5% from early January.
Aggregate inventories in supply chain for five major steel products rebar, heavy plate, hot rolled coil, cold rolled coil and wire rod stood at around 19 million tonnes by February 17, up 796,400 tonnes as compared to a year ago.
Higher inventories have forced mills to deliver their products to the spot market, which could suppress any recovery in steel prices.
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