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 during the period of July 10-16 to reach 4.47 million tonnes, falling by 1.1% on week, as against the dip of 0.3% over the prior week.

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 all five major steel items decreased by varying degrees, the survey results showed. More steel mills slowed production recently, given their poor profit margins on finished steel