WEEKLY: Chinese mills' steel stocks fall faster

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey declined at a faster pace over October 24-30 to reach 4.37 million tonnes, with the on-week fall quickening to 4.1% as against the dip of just 0.3% during the prior week.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate. The on-week fall was mainly seen in inventories of rebar, wire rod and CRC during the survey period, while stocks of HRC and medium plate increased slightly from the previous week,