WEEKLY: Chinese mills' steel stocks down for 3rd week

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey continued falling during the week of August 21-27, with the total tonnage slipping for the third consecutive week by 5% on week to 4.07 million tonnes, the lowest since mid-February.

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 most steel items decreased by varying degrees, offsetting the on-week rise of 2.5% in HRC stocks, the survey results showed. One major reason for the continuous