China’s steel product stocks in week ending Feb 10 increase w-o-w, expected to reach highest level in late Feb or early Mar
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Update time : 2023-02-15 18:08:26
In the week ending on February 10, China’s social inventory of steel products was about 15.92 million tons, increasing by 6.9% from the previous week. It has increased for eight consecutive weeks.
The stocks of steel mills in late January totaled 16.49 million tons, increasing by 2.6% from early January.
The increasing stocks were because the weather in China was still cold in January, so the construction projects were still hard to start.
However, based on historical data, the stocks always reach the highest level four weeks after the Lunar New Year and then decrease. As a result, China’s steel stocks were expected to reach the highest level at the end of February or early March 2023.
Entering the Chinese New Year holiday, market trading is sluggish
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