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WEEKLY: China mills' steel stocks climb by another 4.1%

Stocks of five major finished steel products at the 184 Chinese steelmakers Mysteel monitors continued to grow for a fourth consecutive week over June 25-July 1 as slowing demand from users kicked in, with the total tonnage rising another 4.1% on week to reach 6.5 million tonnes as of July 1, according to Mysteel’s latest weekly survey.
The result was 40% higher compared with one year earlier, even though output of the five major products had shown some signs of retreating during the period. This suggests that consumption among end-users has been shrinking further – and faster – during the traditional off season when many regions of China experience frequent heavy

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