WEEKLY: Chinese mills' steel stocks decline for 7th week

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey declined for the seventh consecutive week during April 24-30, with the total tonnage falling by 3.9% on week to 4.34 million tonnes, the lowest since late February.

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 major steel items eased by varying degrees, with those of rebar seeing the sharpest on-week fall of 7.2%, the findings showed. Some domestic steel mills conducted