China’s steel stocks at traders decline at a slower pace

Inventories of the five major steel items held by traders in 132 cities across China under Mysteel’s regular survey continued declining over May 1-7, slipping by 3% on week, Mysteel’s latest survey published on May 7 showed. However, the pace of the decline slowed markedly, compared with the 6.5% week-on-week fall in the prior period, chiefly because users had stocked up enough for their short term needs, market sources said.
As of May 7, stocks of the five products, comprising of rebar, wire rod, hot-rolled and cold-rolled coil and medium plate, declined for an eighth straight week by another 845,100 tonnes or 3% to 27.3 million tonnes, the survey showed. Among the five, inventories of rebar and wire rod still witnessed


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