Chinese traders’ stocks empty further, faster
Mar 26, 2020 17:23
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Ordinary steel inventories held by Chinese traders declined further over the period of March 20-26, thanks to continuing firm downstream demand, new data indicated. However, traders still showed some hesitation about stepping up prices for now, Mysteel Global has learned from the market.
The stocks of five major steel items comprising rebar, wire rod, medium plate, hot-rolled coil and cold-rolled coil held by traders in 132 cities nationwide topped 36.5 million tonnes as of March 26, decreasing for a second week and thinning by another 1.6 million tonnes or some 4.3% on week.