WEEKLY: Chinese mills' steel stocks slip further

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey steadily declined during the week of August 28-September 3, with the volume shrinking for a fourth straight week by 2.9% on week to a seven-month low of 3.95 million tonnes.

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 all five items declined by varying degrees, with the volume of wire rod posting the sharpest on-week fall in percentage terms of 4.9%, the findings