SMM

This week, SMM statistics showed that the HRC social inventory across 86 warehouses nationwide (large sample) reached 4.4677 million mt, up 15,700 mt (+0.35% MoM) and down 9.86% YoY based on the lunar calendar. In the third week after the holiday, the national social inventory continued to accumulate, but the growth rate slowed significantly. By region, inventory buildup persisted in the south China and north-east China markets, while destocking began in the east China, central China, and north China markets. [SMM Steel]