WEEKLY: China's retail steel stocks drop further on week

Chinese steel traders saw their stocks of finished steel products thin further during the week of October 31-November 6, with the total volume falling by 134,500 tonnes on week, the latest findings of Mysteel's weekly survey show. As of Thursday, the traders Mysteel tracks in 132 cities across China were holding 17.3 million tonnes, lower by a tiny 0.8% on week.

Though the decline marked the third straight on-week dip, it was smaller than the 308,400-tonne fall recorded during in the previous week. Moreover, the total was higher by some 21% compared to the same period last year, underscoring the high stock levels held by the traders. Among the five carbon