WEEKLY: China's retail steel stocks swell during CNY holiday

Retail inventories of the five major carbon steel products stockpiled in warehouses across China under Mysteel's tracking soared during February 13-23, according to the latest weekly survey, as market conditions quietened during the nine-day Chinese New Year (CNY) break that began on February 15.

Over the holiday period, the combined stocks of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate held by traders and stored in commercial warehouses in the 132 cities Mysteel regularly monitors swelled by 15.3% or 2.64 million tonnes on week to reach 19.85 million tonnes,