Steel inventory in China up for 1st time in 17 weeks


04/07/2012 08:13 AST  Steelguru

China Daily quoted analyst said China steel inventory has started increasing after 17 weeks of decline without any sign of a market rebound after a dramatic decline in profits.

According to China Steel and Iron Association China steel companies suffered a total loss of CNY 11.75 billion in the first five months of the year about 27 times more than the same period last year. Last year, the companies had a total loss of CNY 414 million during the first five months.

Large and medium scale steel companies in the country realized a profit of CNY 2.53 billion during the first five months down by 94.26%YoY. Meanwhile, the nation total steel inventory reached 15.63 million tonnes on Friday, 69,600 tons more than the week before.

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