WEEKLY: Steel stocks at Chinese traders thin further before holiday

The stocks of finished steel products at trading houses across China under Mysteel's survey declined for a third week during May 23-29, down 3.2% on week, the latest data show.

The faster fall in stocks, compared with the prior week's 2.5% drop, was attributed to end-users replenishing their inventories ahead of the Dragon Boat Festival holiday weekend (over May 31-June 2), survey respondents said, noting that actual demand remained bleak nevertheless, with the hot and rainy weather in parts