WEEKLY: Traders’ stocks shrink further, but more slowly
Dec 09, 2019 08:40
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Stocks of the five major finished steel items held by the Chinese traders Mysteel regularly surveys in 35 major cities nationwide refreshed their record low during the week of November 29-December 5, declining for a ninth straight week by another 0.2% on week to 7.56 million tonnes, according to Mysteel’s latest weekly survey. However, the decline was much smaller than the 2.9% on-week decrease seen in the previous survey period.
The five major steel items comprise rebar, wire rod, hot-rolled coil, cold rolled coil, and medium plate. Survey respondents said that what slowed the pace of the decline in traders’ stocks was the softening of long steel trading, as well as the arrival of deliveries of long steel products made