China’s steel prices to fluctuate on high side in short term
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Update time : 2023-11-14 15:37:51
From November 3 to November 9, China’s social inventories of steel products amounted to about 9.49 million tons, decreasing by about 4% week on week and falling by 14.9% month on month. In the same period, the rebar amounted to about 3.8 million tons, decreasing by 5.2% week on week.
Regarding supply, because some of the steel mills were under maintenance, production decreased significantly.
In terms of stocks, due to the slight recovery of purchasing amount from downstream buyers, the decrease of social inventories expanded.
Although the market was under off-peak season, the reduction of steel output from steel mills expanded, which still supported the steel prices.
Besides, the steel inventories kept decreasing, and manufacturing costs were high. Therefore, the steel prices were expected to fluctuate on the high side.
