Summary of Key Points Core Viewpoint - The latest data from Steel Silver E-commerce indicates an increase in the total steel inventory across 38 cities in China, reflecting a slight upward trend in the market as of January 26. Inventory Data - The total steel inventory in 135 warehouses across 38 cities reached 7.1072 million tons, an increase of 115,900 tons from the previous week, representing a growth of 1.66% [1] - The inventory of construction steel amounted to 3.1608 million tons, which is an increase of 156,300 tons (+5.20%) compared to the previous week, covering 30 cities and 79 warehouses [1] - Hot-rolled coil inventory totaled 2.0520 million tons, showing a decrease of 18,100 tons (-0.87%) from the previous week, including 15 cities and 47 warehouses [1] - Medium and heavy plate inventory was recorded at 706,800 tons, with a slight decrease of 700 tons (-0.10%) from the previous week, across 9 cities and 14 warehouses [1] - Cold-rolled and coated inventory reached 1.1876 million tons, down by 21,600 tons (-1.79%) from the previous week, covering 5 cities and 14 warehouses [1]

Group 1 - The core viewpoint of the article highlights the increase in steel inventory among key steel enterprises in early January 2026, indicating a growing trend in stock levels [1] Group 2 - In early January 2026, the steel inventory of key statistical steel enterprises reached 15.04 million tons, which is an increase of 900,000 tons or 6.4% compared to the previous period [1] - The inventory also increased by 900,000 tons or 6.4% compared to the beginning of the year, and by 290,000 tons or 2.0% compared to the same period last month [1] - Year-on-year, the inventory rose by 2.45 million tons or 19.5%, and compared to the same period two years ago, it increased by 650,000 tons or 4.5% [1]

Core Viewpoint - The domestic molybdenum market is experiencing downward pressure due to declining steel demand and prices, increased profit-taking by suppliers, weak international molybdenum market conditions, and a lack of confidence among industry players regarding future market trends [7]. Molybdenum Market Summary - The overall molybdenum market is under pressure, with prices for molybdenum concentrate dropping to approximately ¥3,990 per ton due to reduced downstream inquiry activity and fluctuating overseas molybdenum prices [2][7]. - Molybdenum iron prices have decreased by about ¥3,000 per ton, influenced by steel companies' price-cutting sentiments and reduced quotes from molybdenum mining companies, although some steel enterprises are still willing to bid for molybdenum iron [3][7]. Steel Market Summary - According to data from the China Iron and Steel Association, as of early January 2026, the social inventory of five major steel products in 21 cities is 7.11 million tons, a decrease of 100,000 tons or 1.4% month-on-month, but an increase of 480,000 tons or 7.2% year-on-year [8]. - The inventory changes vary by region, with East China showing the largest reduction and Central China the largest decline. Among the five major steel products, wire rods saw the largest increase, while rebar experienced the largest decrease in inventory [8].

Report Industry Investment Rating - Not provided Core Viewpoints - After the holiday, the steel market followed the positive macro - sentiment, with an increase in hot metal production, a recovery in furnace material prices, and a general price increase in the black market. However, as the sentiment weakened, the near - term inventory started to accumulate, and pressure increased. The 2026 demand expectation lies in the downstream construction machinery of the manufacturing industry, with greater pressure on hot - rolled coils in the near term than on rebar. The overall pricing may tend to compress steel mill profits [7][16]. Summary by Directory 01 Fundamental Changes - After the holiday, following positive macro - sentiment, hot metal rebounded, furnace material prices recovered, the black market as a whole made up for lost ground, steel prices rose with costs, and the basis quickly turned negative, with intraday premiums reaching the warehouse - receipt registration spread. There is an expected increase in rebar warehouse - receipt volume. As sentiment weakened, near - term inventory accumulation started, increasing pressure [7]. - Rebar factory inventories showed a cumulative trend. After - holiday demand fell short of expectations, the apparent demand for wire rods declined rapidly, with a 17% month - on - month decrease. Before the Spring Festival, both supply and demand were weak. In January, the procurement forecast of construction enterprises surveyed by Mysteel decreased by 18% month - on - month, mainly due to fewer newly launched projects, seasonal shutdowns, and slower construction. Currently, infrastructure projects drive most of the demand, accounting for 90% of the Mysteel sample. Hot - rolled coils mainly accumulated in social inventories, and the inventory in Hangzhou remained high. Cold - rolled production increased by 2.8% month - on - month. The winter storage sentiment was dull this year, with an interest rate of 6 - 8 per thousand, and prices below 3000 yuan were considered attractive [10]. - Last week, the price of steel billets increased by 50 yuan, and the production profit of steel billets recovered. However, the price increase of finished products was weak, and the overall price difference with steel billets shrank. The price differences between hot - and cold - rolled products and between round bars and rebar remained stable [13]. 02 Outlook and Valuation - Assuming the supply of rebar and wire rods decreases by 12% and that of plates increases by 4.2% in the first 20 weeks, and the demand decreases by 7% and increases by 2% respectively, the inventory accumulation of rebar and wire rods is limited, while the inventory pressure on hot - rolled coils is relatively large. For rebar and wire rods, assuming the demand decreases by 2%, 7%, and 13% in the next 30 weeks, the corresponding supply adjustments are - 1.8%, - 6.8%, and - 12.7% to maintain seasonal inventory. For plates, assuming the demand increases by 0.4%, 3.8%, and 4.9% in the next 30 weeks, the corresponding supply adjustments are 0.8%, 4.2%, and 5.4% to maintain seasonal inventory. The 2026 demand expectation lies in the downstream construction machinery of the manufacturing industry, with greater near - term pressure on hot - rolled coils than on rebar [16]. - Based on the previous assumptions for the five major steel products, the post - Spring Festival inventory peak is 15% higher than last year. From this week to 25 weeks after the Spring Festival, the demand ranges from +2.6% to - 4.3%, and the supply ranges from 2.9% to - 3.8%. From this week to 25 weeks after the Spring Festival, the year - on - year change in hot metal production ranges from 2.4% to - 1.8%. According to the neutral assumption, the hot metal production before the Spring Festival is almost the same as the current level, and the required reduction in production is limited. According to the current maintenance plan, hot metal production will continue to recover in the future, but the demand needs to maintain a +2.4% level, which poses demand pressure [19]. - In terms of valuation, the on - disk blast furnace profit is at a relatively low level. The price difference between iron and scrap is 80, and the cost - effectiveness of adding scrap is not yet obvious. The on - disk pricing gives a flat - electricity profit of - 10, a valley - electricity profit of 126, and a blast furnace profit of 78, which is moderately high with limited downward space. The price difference of Turkish hot - rolled coils is 22 US dollars, and the export market is still open. The near - term export volume has declined for three consecutive weeks, which requires continuous attention. Overseas steel prices have been flat after the holiday. After the macro - sentiment fades and hot metal production recovers, the inventory starts to accumulate, and there is near - term real - market pressure. Currently, the production reduction plan is slow, and steel mill profits are under pressure. Steel mills still have a pre - holiday restocking demand for iron ore, and the overall pricing may tend to compress steel mill profits [22].

Group 1: Market Overview - The domestic molybdenum market showed a pattern of initial decline followed by recovery during the week, with prices initially continuing the downward trend from the previous week due to a lack of favorable support and a stalemate in negotiations between buyers and sellers [6] - As the weekend approached, rising steel prices, improving international molybdenum market conditions, and a strong willingness among raw material suppliers to hold prices up contributed to increased confidence among intermediate smelting enterprises to raise their quotes [6] Group 2: Price Changes - Molybdenum concentrate prices increased by approximately 10 CNY/ton, reflecting a rise of 0.27%; molybdenum iron prices rose by about 7,000 CNY/ton, with a growth of 2.95%; and molybdenum oxide prices also saw an increase of around 10 CNY/ton, up by 0.26% [2][6] - Molybdenum powder prices decreased by 3 CNY/kg, marking a decline of 0.66%, while prices for sodium molybdate and ammonium heptamolybdate remained stable compared to the previous week [2][6] Group 3: Steel Inventory Data - According to the China Iron and Steel Association, as of mid-December 2025, the inventory of steel products among key statistical steel enterprises reached 16.01 million tons, an increase of 1.26 million tons or 8.6% from the previous period [7] - Compared to the beginning of the year, steel inventory increased by 3.64 million tons, a growth of 29.5%; it also rose by 400,000 tons or 2.6% compared to the same period last month [7] - Year-on-year, the inventory increased by 1.37 million tons, up 9.4%, and compared to the same period two years ago, it rose by 990,000 tons, reflecting a growth of 6.6% [7]

新华财经北京12月24日电中钢协发布2025年12月中旬重点企业钢材库存旬报。2025年12月中旬，重点统 计钢铁企业钢材库存量1601万吨，环比上一旬增加126万吨，增长8.6%；比年初增加364万吨，增长 29.5%；比上月同旬增加40万吨，增长2.6%；比去年同旬增加137万吨，增长9.4%，比前年同旬增加99 万吨，增长6.6%。 （文章来源：新华财经） ...

Report Information - Report Title: Steel Weekly Report 20251222 [2] - Report Type: Steel Industry Research - Analysts: Zhou Guisheng, Duan Yiwen [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The steel market shows a situation of weak supply and demand, with steel prices fluctuating. The profitability of steel mills remains low, iron - water production continues to decline, and there is a transfer of iron - water production. Although the demand for rebar has rebounded, it will still weaken in the off - season. The inventory is being depleted, but the hot - rolled coil inventory still has pressure, with the fundamentals not improving and the end - user demand remaining weak. In the short term, the market will fluctuate [5][6]. Summary by Relevant Catalogs 1. Product Analysis - **Supply**: Rebar production increased, with the weekly production of major steel mills in the country reaching 181.68 tons (+2.9). Hot - rolled coil production decreased significantly, with a weekly production of 291.91 tons (-16.8) [5]. - **Demand**: Steel demand is seasonally weak. Last week, the apparent demand for rebar was 208.64 tons (+5.55), and that for hot - rolled coil was 298.28 tons (-13.69) [5]. - **Inventory**: Steel inventory is being depleted, but the hot - rolled coil inventory is depleting at a slower pace. The total rebar inventory is 452.54 tons (-26.96), the social inventory is 313 tons (-25.7), and the steel - mill inventory is 139.54 tons (-1.26). The total hot - rolled coil inventory is 390.72 tons (-6.37), the social inventory is 307.3 tons (-5.76), and the steel - mill inventory is 83.42 tons (-0.61) [5]. - **Basis**: The basis has narrowed. The basis of the rebar main contract is 181 yuan/ton (-29), and that of the hot - rolled coil main contract is 1 yuan/ton (-7) [5]. - **Summary**: The profitability rate of steel mills is 35.93%. Iron - water production continues to decline to 226.55 tons, with a week - on - week decrease of 2.65 tons. The blast - furnace operating rate is 78.47%, a week - on - week decrease of 0.16%. The blast - furnace capacity utilization rate is 84.93%, a week - on - week decrease of 0.99%. The EAF operating rate is 69.23%, a week - on - week increase of 1.5%. The EAF capacity utilization rate is 54.34%, a week - on - week increase of 1.57% [5]. 2. Price Information - As of December 19, the average price of rebar in major cities across the country is 3325 yuan/ton, a week - on - week increase of 36 yuan/ton. The average price of hot - rolled coils across the country is 3296 yuan/ton, a week - on - week increase of 12 yuan/ton [11]. 3. Raw Material Analysis - The cost side still has support. The price of quasi - first - grade metallurgical coke is 1480 yuan/ton (a week - on - week increase of 50), the price of main coking coal in Lvliang is 1500 yuan/ton (a week - on - week decrease of 5), and the price of 61.5% PB powder at Qingdao Port is 795 yuan/ton (a week - on - week increase of 13) [19]. 4. Production - Related Data - Iron - water production continues to decline, while the EAF operating rate is rising. The operating rate of blast furnaces in Tangshan has increased. As of December 19, the operating rate of blast furnaces in Tangshan is 92.71%, a week - on - week increase of 0.9% [22][32]. 5. Demand - Related Data - Rebar demand has rebounded, while hot - rolled coil demand has decreased significantly. As of December 19, the weekly average trading volume of rebar is 9.92 tons, and that of hot - rolled coil is 3.03 tons. The downstream cold - rolled production is 86.09 tons, a week - on - week decrease of 0.22 tons [42][48][53]. 6. Inventory Data - The inventory of main steel products has decreased. As of December 19, the billet inventory in Tangshan is 69.75 tons, a week - on - week increase of 6.09 tons. The inventory of main steel products is 906.69 tons, a week - on - week decrease of 35.29 tons [57]. 7. Export and Downstream Industry Data - **Export**: In November, steel exports were 998 tons, a month - on - month increase of 19.78 tons. From January to November, the cumulative steel export volume was 107.7 million tons, a year - on - year increase of 6.7%. In November, hot - rolled coil exports were 183.03 tons [69]. - **Automobile Industry**: In November, automobile production was 3.532 million vehicles, a month - on - month increase of 173,300 vehicles. Automobile sales were 3.429 million tons, a month - on - month increase of 106,900 tons. In November, new - energy vehicle production was 1.88 million vehicles, a month - on - month increase of 108,000 vehicles. New - energy vehicle sales were 1.823 million tons, a month - on - month increase of 108,000 tons [73]. - **Real Estate Industry**: From January to November, real - estate investment decreased by 15.9% year - on - year, the cumulative year - on - year decrease in new housing construction area was 20.5%, the cumulative year - on - year decrease in housing completion area was 18%, the year - on - year decrease in commercial housing sales area was 7.8%, the year - on - year decrease in commercial housing sales volume was 11.1%, and the year - on - year decrease in available funds was 11.9% [76].

Market Overview - This week, the black sector entered the contract roll - over period. The main contracts of rebar, hot - rolled coil, and coking coal were switched to the May contracts. The market showed mixed trends. The main contract of rebar rose 1.3% this week, hot - rolled coil rose 1%, iron ore fell 1%, coke rose 0.7%, and coking coal fell 1% [2]. - In terms of supply and demand, the supply and demand of rebar and hot - rolled coil both decreased, but their inventory performances were significantly different. Rebar destocking was normal, while hot - rolled coil destocking remained difficult and faced certain pressure. Pig iron output continued to decline. In December, many steel mills carried out maintenance and shutdowns, which had a greater impact on construction steel. The basis of rebar and hot - rolled coil was at a neutral level compared with the same period, and the driving force for basis repair was limited. Next week, the economic work conference will be held, and the content of the conference should be noted [2]. Steel Production Monthly Data (October 2025) | Product | Monthly Output (10,000 tons) | Monthly YoY (%) | Cumulative Output (10,000 tons) | Cumulative YoY (%) | | --- | --- | --- | --- | --- | | Pig Iron | 6555 | - 7.9 | 71137 | - 1.8 | | Crude Steel | 7200 | - 12.1 | 81787 | - 3.9 | | Steel Products | 11864 | - 0.9 | 121759 | 4.7 | | Steel Imports | 50 | - 6.2 | 504 | - 11.9 | | Steel Exports | 978 | - 12.3 | 9774 | 6.6 | [4] Weekly Data (December 5, 2025) | Product | Weekly Output (tons) | Output Change | Output Cumulative YoY | Weekly Consumption (tons) | Consumption Change | Consumption Cumulative YoY | Inventory (tons) | Inventory Change | Inventory YoY | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | 189310 | - 16770 | - 3% | 216980 | - 10960 | - 6% | 503800 | - 27670 | 13.84% | | Wire Rod | 80010 | - 2160 | - 7% | 83000 | - 7610 | - 8% | 101630 | - 2810 | 15% | | Hot - Rolled Coil | 314310 | - 4700 | 1% | 314860 | - 5360 | 1% | 400350 | - 550 | 31% | | Cold - Rolled Coil | 85520 | 760 | 1.73% | 87480 | 1380 | 0.96% | 167680 | - 1960 | 18.69% | | Medium and Heavy Plate | 159820 | - 3890 | 4.53% | 162030 | - 1280 | 4.39% | 192120 | - 2230 | 5.41% | | Total | 828950 | - 26760 | - 0.13% | 864000 | - 24000 | - 1.15% | 1366000 | - 35220 | 17.71% | [5] Steel Production Profit (December 4, 2025) | Region | Rebar - Blast Furnace Change | Rebar - Electric Furnace - Valley Electricity Change | Rebar - Electric Furnace - Flat Electricity Change | Hot - Rolled Coil - Blast Furnace Change | | --- | --- | --- | --- | --- | | East China | 112, 5 | 20, 0 | - 101, 0 | 114, 10 | | North China | 74, - 5 | 33, 0 | - 51, 0 | 19, 5 | | Central China | 175, 0 | 186, 5 | 55, 5 | 65, - 10 | [20] Steel Demand Building Materials Consumption - The cumulative year - on - year decline in the commercial housing transaction area of 30 large - and medium - sized cities was 8%, and the cumulative year - on - year decline in the land transaction area of 100 cities was 17% [27]. - The marginal improvement of cement outbound volume was observed. Currently, the cumulative year - on - year decline was 25%. The concrete shipment volume increased month - on - month, and the absolute level was comparable to the same period last year. Currently, the cumulative year - on - year decline was 8% [30]. Coil Consumption - In October, the steel export volume decreased month - on - month and was lower than the same period last year. After October, the domestic - foreign price difference declined again [36]. Steel Inventory Rebar Inventory - The rebar basis remained stable this week with limited fluctuations. After November, the basis usually weakens. In the past, the basis convergence stage was usually characterized by the upward oscillation of the futures market. Currently, the rebar output was lower than the same period last year. It was expected that the inventory would enter the normal destocking stage later, the supply - demand contradiction was not prominent, and the basis was expected to remain stable [50]. Hot - Rolled Coil Inventory - The basis of the hot - rolled coil 01 contract remained stable but showed a weakening trend. This week, the hot - rolled coil inventory remained stable, and the inventory in East China decreased slightly. The recent difficult destocking of hot - rolled coil exerted certain pressure on the spot market, leading to the weakening of the basis [54]. Spread Analysis - The 1 - 5 spread of rebar slightly declined from near the flat - water level this week. The recent decline in rebar inventory and the decrease in the year - on - year inventory growth rate were beneficial for the spread to go positive. After the main contract roll - over of rebar was completed, the inventory in East China was still high, and the 1 - 5 spread might have some room to weaken [60]. - The 1 - 5 spread of hot - rolled coil slightly weakened and re - entered the contango structure. The overall high inventory of hot - rolled coil suppressed the spread [64]. Strategy Suggestion - Currently, steel lacks obvious market - driving factors. After entering the off - season of demand, macro - events and expectations are usually important sources of market logic. However, the current policy environment is rather calm and difficult to boost the market. From the fundamental perspective, apart from the production cuts and restrictions of steel mills in December, there is also a lack of upward - driving factors. The high inventory of hot - rolled coil creates a downward - driving force, but the overall demand for coils is not bad. Therefore, the current contradictions are limited, and the market lacks themes for directional trading, and may continue to fluctuate within a range. This week, steel prices rose to near the previous high, and the room for further upward movement may be rather limited. Attention should be paid to the risk of decline [2].

Group 1 - The total inventory of steel materials in 135 warehouses across 38 cities in the country is 8.7276 million tons as of December 1, showing a decrease of 142,000 tons (-1.60%) compared to the previous week [1] Group 2 - The total inventory of construction steel is 4.3645 million tons, which is a decrease of 192,900 tons (-4.23%) from the previous week, covering 79 warehouses in 30 cities [3] - The total inventory of hot-rolled coils is 2.3198 million tons, reflecting an increase of 23,100 tons (+1.01%) compared to the previous week, across 47 warehouses in 15 cities [3] - The total inventory of medium and heavy plates is 772,000 tons, with an increase of 14,500 tons (+1.91%) from the previous week, including 14 warehouses in 9 cities [3] - The total inventory of cold-rolled and coated steel is 1.2713 million tons, which is an increase of 13,300 tons (+1.06%) compared to the previous week, covering 14 warehouses in 5 cities [3]

Report Industry Investment Rating - The investment rating for the steel industry is "Neutral, Attention" [1] Core View of the Report - This week, the commodity market remained in an adjustment pattern, with finished product prices fluctuating at the bottom. Fundamentally, both supply and demand of rebar declined, and inventory continued to decrease, showing a neutral performance. For hot-rolled coils, production increased, apparent demand declined slightly, and inventory decreased only slightly. South Korea's decision to impose anti-dumping duties on Chinese steel products may pressure China's steel exports. Steel demand has entered the seasonal off-season, and there is still inventory pressure on hot-rolled coils. Attention should be paid to the actual implementation of production reduction. Macroscopically, the Fed's interest rate meeting and the Politburo meeting in early December require continuous tracking of policy directions and potential impacts [10][11] Summary by Relevant Catalogs 1. Week - on - Week Assessment and Strategy Recommendation Supply - side - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.90% and a year - on - year decrease of 11.86%. The cumulative production was 101.7325 million tons, a year - on - year decrease of 2.60%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.45% and a year - on - year decrease of 13.67%. Short - process production was 0.29 million tons, a week - on - week increase of 9.52% and a year - on - year increase of 0.86%. The daily average hot metal production was 2346800 tons, and the decline of hot metal this week slightly exceeded expectations. Rebar production decreased slightly, and the supply - side pressure was low [6] Demand - side - This week, the apparent demand for rebar was 2.28 million tons, a week - on - week decrease of 1.3% and a year - on - year increase of 1.3%. The cumulative demand was 100.43 million tons, a year - on - year decrease of 5.1%. Demand declined slightly this week, showing a neutral - weak performance [7][8] Import and Export - In October, the import of steel billets was 30000 tons [9] Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8% and a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0% and a year - on - year increase of 19.4%. Rebar inventory continued to decrease, and the current inventory trend was relatively healthy [9] Profit - The hot metal cost was 2691 yuan/ton, the blast furnace profit was - 19 yuan/ton, and the average profit of independent electric arc furnace steel mills was - 63 yuan/ton [9] Basis - The lowest warehouse receipt basis was 87 yuan/ton, and the basis rate was 2.7% [10] 2. Futures and Spot Market - The 01 - contract basis was 87 yuan/ton, the 05 - contract basis was 75 yuan/ton, and the 10 - contract basis was 36 yuan/ton. The spread between rebar 01 - 05 was - 12 yuan/ton, the spread between rebar 05 - 10 was - 39 yuan/ton, and the spread between rebar 10 - 01 was 51 yuan/ton. The Beijing hot - rolled coil and rebar spread was 130 yuan/ton (last week: 110 yuan/ton), the Shanghai spread was 30 yuan/ton (unchanged from last week), and the Guangzhou spread was - 160 yuan/ton (last week: - 110 yuan/ton). The Shanghai - Beijing rebar spread was 20 yuan/ton (last week: 0 yuan/ton), and the Guangzhou - Shanghai spread was 133 yuan/ton (last week: 83 yuan/ton). The Beijing wire rod premium was 210 yuan/ton (last week: 220 yuan/ton), the Shanghai premium was 180 yuan/ton (unchanged from last week), and the Guangzhou premium was 190 yuan/ton (last week: 180 yuan/ton) [19][21][24] 3. Profit - The electric furnace profit was - 63 yuan/ton, a week - on - week increase of 51 yuan/ton. The rebar blast furnace profit was - 19 yuan/ton, a week - on - week increase of 11 yuan/ton. The scrap steel arrival cost was 2186 yuan/ton, the hot metal cost was 3231 yuan/ton, and the average hot metal cost of 64 steel mills was 2691 yuan/ton [38][48] 4. Supply - side Weekly Production - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.9%, a year - on - year decrease of 11.9%. The cumulative production was 101.732 million tons, a year - on - year decrease of 2.6%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.4%, a year - on - year decrease of 13.7%. Short - process production was 0.29 million tons, a week - on - week increase of 9.5%, a year - on - year increase of 0.9% [52] Capacity Utilization - This week, the blast furnace capacity utilization rate was 89% (unchanged from the previous value), and the electric furnace capacity utilization rate was 53% (previous value: 52%) [55] Hot Metal Production - This week, the daily average hot metal production was 2.36 million tons (unchanged from the previous value) [59] Regional Production - The rebar production in the northern region was 0.46 million tons (unchanged from the previous value), and in the southern region was 0.77 million tons (previous value: 0.78 million tons). The rebar production in East China was 0.83 million tons, in Jiangsu was 0.34 million tons, in Shandong was 0.08 million tons, and in Anhui was 0.17 million tons. The rebar production in Guangdong was 0.23 million tons, and in Guangxi was 0.07 million tons [63][66][69] 5. Demand - side - The building materials trading volume was 117741 tons (last week: 105098 tons), and the Shanghai building materials trading volume was 19100 tons (unchanged from last week). The weekly consumption of rebar was 2.28 million tons, and in East China was 0.9 million tons. The weekly consumption of rebar in Southwest China was 0.37 million tons, in South China was 0.36 million tons, in North China was 0.19 million tons, in Central China was 0.18 million tons, in Northeast China was 0.12 million tons, and in Northwest China was 0.16 million tons [72][80][82] 6. Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8%, a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3%, a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0%, a year - on - year increase of 19.4%. The steel billet inventory in Tangshan was 1.16 million tons (unchanged from the previous value). The 132 - city social rebar inventory was 5.46 million tons, the East China social inventory was 2.92 million tons, the Hangzhou social inventory was 0.89 million tons, and the Shanghai social inventory was 0.35 million tons. The South China social inventory was 0.51 million tons, the North China social inventory was 0.69 million tons, the Guangzhou social inventory was 0.12 million tons, and the Beijing social inventory was 0.27 million tons. The Central China social inventory was 0.38 million tons, the Northwest social inventory was 0.45 million tons, the Wuhan social inventory was 0.16 million tons, and the Xi'an social inventory was 0.19 million tons. The Southwest social inventory was 0.49 million tons, the Northeast social inventory was 0.34 million tons, the Chengdu social inventory was 0.21 million tons, and the Chongqing social inventory was 0.14 million tons [90][92][95]