China Metal Inventories Scale New Highs as Demand Makes Slow Recovery From Virus

Workers are seen next to aluminium rolls at a plant in Binzhou, Shandong Province, China, on Sept. 13, 2018. Reuters

BEIJING—Inventories of metal in China piled up this week, data from consultancies and the Shanghai Futures Exchange (ShFE) showed, underscoring persistent sluggish demand in the world’s top metals consumer amid the coronavirus outbreak.

Stocks of five main steel products held by traders in China, including construction steel rebar and hot-rolled coil used in cars and home appliances, hit a new all-time high of 25.27 million tonnes on Mar. 5, according to Mysteel, while ShFE data showed copper inventories near a four-year high.