OREANDA-NEWS.  June 13, 2012. Inventories of the five major steel products held by domestic distributors continued the downward trend that had been lasting 14 weeks in a row, falling by 353,000 tons from the previous week to 15.79 million tons. 

Rebar stocks dropped by 219,000 tons to 6.91 million tons nationwide. The largest falls occurred in Shenyang, Hangzhou, Wuhan, Shanghai, Guangzhou, Hefei, Harbin and Fuzhou, ranging from 48,000 to over 10,000 tons.

Wire rod stocks decreased by 71,000 tons nationwide with Shenyang and Guangzhou registering the steepest declines, at 32,000 tons and 21,000 tons respectively.

The inventory of hot and cold rolled coil contracted by 64,000 tons and 13,000 tons while that of medium plate again rose by 14,000 tons from a week ago.

The prices of many steel products hit year lows last week as bearish market sentiment was permeating. Stockists seemed to have little interest in placing new order. Steelmakersбп schedules on mill maintenance and production cuts were on the horizon.