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Steel stocks at Chinese traders rise but more slowly

The stocks of the key finished steel items held by traders across China continued increasing over July 3-9 given the dampening effect of the intense rains on sales. However, the pace of growth in inventories slowed over the period due to the decline in production and the moderate improvement in market sentiment which stimulated a rise in trading, Mysteel Global noted.
The stocks of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate held by steel traders in the 132 Chinese cities Mysteel monitors increased for a third consecutive week over July 3-9, rising by another 298,500 tonnes or 1.3% on week, as against the 548,500 tonnes on-week surge seen

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