Extract from above link: “SMM sees limited downside room in...

Extract from above link:

“SMM sees limited downside room in near-term rebar prices as supply shortage will remain in place before arrivals of cargoes from the north. Stepped-up operation at electrical arc furnace (EAF) steelmakers will only limitedly contribute to the overall steel supply.

According to SMM data, rebar inventories at steelmakers stood at 1.91 million mt as of Thursday November 21, down 7.2% from November 14, faster than a drop of 4.7% last week.

Inventories across social warehouses declined 10.2% on the week to stand at 2.72 million mt, following a 9.1% drop in the previous week.

Overall inventories of rebar, including stocks across steelmakers and social warehouses, slid 9% and posted 4.63 million mt as of November 21, accelerating from a decline of 7.3% in the prior week.

On a yearly basis, overall inventories were 8.4% lower as of November 21.”