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WEEKLY: China mills’ steel stocks down 4% on week

Stocks of the five major carbon steel items held by the 184 steel mills that Mysteel regularly monitors across the country decreased for a sixth straight week over November 7-13, dipping by 3.8% on week to 4.4 million tonnes, a new low since late February, according to Mysteel’s latest stocks report. The five comprise rebar, wire rod, hot rolled coil, cold rolled coil and medium plate.
Over the survey week, the mills’stocks of rebar contracted the most among the five items, thinning by 5.2% on week to 2 million tonnes, the report showed. The steady decline in maker inventories of the five products is a sign of firmer demand in the spot market recently, Mysteel Global notes.

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