WEEKLY: Chinese mills' steel stocks decline further

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey dipped further during the period of August 14-20 to reach 4.28 million tonnes, easing for the second consecutive week though at the slower pace of 1.9% from the previous week's 3.9% drop.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate. During the survey period, inventories of CRC continued to move higher, while the stocks of other major items declined by varying degrees, the findings showed. The further decline in mills' total steel