WEEKLY: China steel stocks thin further, dip 7% on week
Oct 21, 2019 08:45
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Stocks of the five major steel items Mysteel monitors weekly in retail markets in 35 cities across China contracted again during the October 11-17 week to 10.5 million tonnes, thinning by 7% on week. This was also 5.5 percentage points faster than during the prior week, according to Mysteel’s latest study. The five are rebar, wire rod, hot rolled coil, cold rolled coil and medium plate.
All five items showed varying degrees of decline in their stocks, with inventories of rebar shrinking the most during the survey period, plunging by 10.5% on week to some 4.3 million tonnes, according to the study.
Despite such a positive sign of smooth inventory digestion, the domestic steel market was clearly