WEEKLY: Steel stocks at Chinese mills climb further

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey increased after the Chinese New Year (CNY) holiday, with the total tonnage reaching 5.5 million tonnes as of February 26, rising by 3.9% from the previous survey period over February 13-23.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate. Over February 24-26, inventories of all five major steel products rose as demand from end-users has not yet fully recovered. Though the official CNY holiday had ended on February 23, the domestic steel