WEEKLY: Chinese mills' steel stocks ease further

Inventories of the five major carbon steel products held by the Chinese steel mills sampled in Mysteel's regular survey declined further during October 16-22 to reach 3.86 million tonnes, the latest data show. However, the on-week fall slowed to 2.3% as against the drop of 6% during the prior week.

The five major steel items comprise rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate. During the survey period, all inventories declined, except for the slight rise in stocks of HRC, the findings showed. Many domestic steelmakers maintained relatively low run-rates during the week given their poor