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Chinese steel stocks slip further but pace slows

Steel stocks held by Chinese traders declined further by nearly 1 million tonnes on week over May 22-28, though the fall was slower than the previous period’s 1.5 million tonnes decline, as rising prices and rising temperatures have moderately dampened demand, market sources said.
The inventories of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate among traders in 132 cities across China thinned by another 4.1% on week to reach 23.4 million tonnes as of May 28, Mysteel’s latest stocks survey showed. “Last week, steel prices had improved markedly as market

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