WEEKLY: Decline in China's retail steel stocks narrows on week

Retail stocks of the five major finished steel items stockpiled in the commercial warehouses across China that Mysteel regularly monitors declined on week during May 1-7, the results of Mysteel's latest weekly survey revealed.

But at 0.5%, the pace was significantly slower than the previous week's fall of 2.9% as the May Day holiday over May 1-5 caused transactions and deliveries to slow as well, Mysteel Global noted. As of May 7, the total inventories of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate held by traders in the 132 cities