As end of April 21st, China's steel stocks totaled 13.0915 million tons, dropped by 27% compared with previous month, for the nine consecutive weeks declined.

However, the current level of inventory has increased by 39.11% compared with the same period last year. Among them, the inventory of rebar was 5.887 million tons, dropped by 7.51% compared with the same period of last year; the inventory of wire was 1.797 million tons, dropped by 4.31% compared with the same period of last year.

Market participants believed that the continued declining in inventories which meant the steel consumption would remain upward trend.