On the supply side, the Chinese Steel plate industry was relatively balanced with no evidence of a drastic contraction or glut in supply. The weekly production of mild Steel plate stood at x.xxxx million tons, having closely matched the rate of apparent consumption at x.xxxx million tons. Thus, a balance in the industry averted a considerable build-up of inventory.
The total national inventories stood at x.xxxx million tons, comprising xxx,xxx tons in mill stocks and x.xxxx million tons in social inventories. The mill inventory and the social inventory both registered marginal changes from the previous week.
The fact that there was little accumulation of Steel plate inventories helped ease the pressure of selling on producers and traders. At the same time, the small rise in steel futures prices provided temporary support to cost and sentiment, and helped...
