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Social Inventory of Steel Emerged First Increase after Consecutive 11 Weeks
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An inventory survey said that until to Dec. 30th, the social inventory of five steel varieties (deformed steel bar, wire rod, hot-rolled steel coil, cold-rolled steel coil and medium plate) totaled 12.901 million tons across 26 major markets of China, increasing by 130,000 tons compared to last week, the first increase after National Day, ending decrease over consecutive 11 weeks, setting new record in inventory statistics of “www.mysteel.com”. But the total inventory reduced 335,000 tons compared to the same period of last year (Dec. 31st, 2010).

Seeing from variety of steel, the increase of inventory was mainly from building steel materials, it was especially evident that the inventory of deformed steel bar was increased by 123,000 tons than last week, in 26 cities surveyed, there were 20 cities having this situation, more obvious in the Northeast and North. The inventory of wire rod also was increased by 55,000 tons than last week from 21 cities surveyed, more obvious in the Northwest and Central China.

However, the inventory of hot-rolled steel coil and medium plate continued to fall respectively by 39,000 tons and 12,000 tons. The decease in inventory of hot-rolled steel coils mainly focused on Shanghai market, about 39,200 tons, there was a slight rise of cold-rolled steel coils in 19 out 26 cities. The social inventory of cold-rolled steel coil was slightly increased about 3,000 tons than last week.

In last week of 2011, the market price of steel continued to fall, and the market had few trades as the Spring Festive approaching. Because of larger fund pressure, distributors would continue the strategy of price for volume. In aspect of production, domestic steel enterprises still kept lower rate of operation. As rough estimates of China Steel Industry Association, in the middle ten days of December key statistical enterprise members achieved daily production of crude steel about 1.5142 million tons. It was estimated that the nationwide daily production of crude steel was 1.6661 million tons, down 0.44% compared to the same period. However, with demand fall in winter, distributors had less intention to make orderings. As market feedback said that more preferences from steel works would cause a negative rise of the social inventory by the end of the year. Weak demand trend of steel would make inventory of steel up continually because there are few workdays in January.

 
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