Production: HRC production edged down this week. Looking ahead, some steel mills in northern China may undergo maintenance in mid-to-late month, suggesting further pullback in national HRC output over the next two weeks.
Social inventory: The SMM survey showed HRC social inventory across 86 warehouses (large sample) stood at 3.0346 million mt, down 38,200 mt (1.24%) WoW and 31.96% YoY. Nationwide social inventory continued to decline this week. By region, east China, south China, and central China saw inventory drawdowns, while slight buildup occurred in north-east China and north China. [SMM Steel]
