WEEKLY: China's retail steel stocks drop for five weeks

Total stocks of five major finished steel items - rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate - piled at commercial warehouses in 132 Chinese cities continued to move down over November 14-20, according to Mysteel's latest weekly survey.

The combined inventories slipped by a larger 2.6% or 436,000 tonnes on week to 16.65 million tonnes as of November 20, marking declines for five consecutive weeks, the survey results showed. Among the five steel products, stocks of rebar and wire rod logged steeper drops by volume this week. Specifically,