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WEEKLY: China's steel stocks mounting before CNY

China’s steel stocks at both the traders’ and steel mills under Mysteel’s weekly survey mounted further in the last week before the Chinese New Year holiday over January 24-30, as downstream consumption and steel trading have gradually come to a standstill with most leaving for home for the holiday, though steel production has been operating as per normal.
As of January 22, stocks of the five products at 184 Chinese steel mills under Mysteel’s weekly survey had increased for eight weeks in a row, up another 10.8% on week to 5.35 million tonnes, which was 27.4% higher than last week before the Chinese New Year holiday in 2019, as Chinese steelmakers

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