Chinese traders’ steel stocks down, but sentiment cautious
May 14, 2020 17:00
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Inventories of the five major steel items held by Chinese traders continued to decline over May 8-14 as steel demand remained firm. Nevertheless, despite the dip market participants are still cautious, noting that supply remains sufficient and that uncertainties regarding demand continue, Mysteel Global has learned.
Total stocks of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at trading houses in China’s 132 major cities dropped by 1.3 million tonnes or some 4.8% on week to 26 million tonnes as of May 14, according to Mysteel’s latest stocks survey. The rate of the decline