WEEKLY: Chinese mills' steel stocks mount further

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey continued to climb during the week of February 6-12, with the total tonnage rising for the second week by 4.7% on week to reach 4.16 million tonnes.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate. During the survey period, inventories of most of the items increased by varying degrees on week, while the volume of CRC dipped by 0.8%. More Chinese traders and end-users have left the market