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Firm demand chips more away from traders’ steel stocks

Steel stocks among Chinese traders declined further and faster over May 15-21 as demand from end-users stayed robust, market sources said on Thursday. The convening of the “Two Sessions” political meetings in Beijing is also shoring up market sentiment.
The inventories of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among traders in 132 cities sampled by Mysteel nationwide declined to 24.4 million tonnes as of May 21, lower by 6% on week, as against the 4.8% on-week decrease in the prior period, Mysteel’s latest stocks survey

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