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scrabble1

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10/04/18

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Post #: 32333572
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Originally posted by rcman ↑

China’s steel inventory post biggest one-week drop since late 2013, steel stocks likely to rebound

APRIL 8, 2018

China’s overall steel stockpiles declined by 1.17 million tonnes last week compared to a week earlier to 16.8 million tonnes, the biggest one-week drop since late 2013, representing a 6.5 per cent drop, accelerated from a 4.3 per cent drop in the previous week, according to a research note by China Merchants Securities citing data from Mysteel.

Steel mills’s storage also showed faster declines across product categories last week, with steel rebar inventory down 11.6 per cent compared to the previous week, shows the data.
Some analysts believe that faster declines in steel stockpiles is another sign that stocks of Chinese steel makers are likely to stage a rebound soon after a deep correction in the past month amid concerns over high inventories and intensifying trade tensions between China and the United States.

Steel demand is not weakening, steel supply is not seeing significant increase, and now its inventory is on the way downward, the sector is expected to stabilise and rebound, according to the latest research note.

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Iron ore prices up slightly today across all grades.

The Dallan has bounced back well after finishing on its low last Wednesday... It’s currently at 448 as I type.

AGO Price at posting: 2.7¢ Sentiment: Buy Disclosure: Held
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