Chinese traders' steel stocks trend down, but pace slows further

The finished steel inventories held by Chinese traders had thinned for the seventh consecutive week by another 1.5% on week during June 16-21, Mysteel's tracking data showed. However, the pace of the decline slowed down a bit as compared with the prior week's 1.7% loss, Mysteel Global noted.

The total stocks of the five finished steel items comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among traders' warehouses in the 132 cities Mysteel surveys lost 264,300 tonnes on week to refresh a five-month low of 17.3 million tonnes as of June 21. Of the