WEEKLY: Chinese mills' steel stocks fall faster

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey declined at a faster pace over April 17-23 to reach 4.51 million tonnes, falling for a sixth straight week by 4.1% on week quicker than the previous week's decline of just 1.8%.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate. During the survey period, the decline was most pronounced in inventories of long steel, while the stocks of flats increased by varying degrees, the survey results showed. Transactions of construction steel improved significantly