WEEKLY: Decline in China's retail steel stocks narrows

Retail stocks of the five major carbon steel items rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate stockpiled in the commercial warehouses across China that Mysteel regularly monitors posted a slight on-week drop of 0.9% or 177,300 tonnes over May 22-28 to sit at 18.87 million tonnes, Mysteel's latest survey result showed.

The survey week marked the eleventh consecutive week for the traders' inventories to fall, though the pace slowed by 1.3 percentage points from the 2.2% decline recorded over May 15-21, Mysteel Global notes. In addition, the stocks were higher by a huge 24.2% compared with the same week last year,