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Chinese traders’ steel stocks retreat on better demand

Inventories of the five major steel items held by traders across China reversed down over July 31-August 6 after increasing for six successive weeks, mainly thanks to positive sentiment in the market driven by strong futures prices and the easing of wet-season rains.
The stocks of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among traders in 132 cities across the country regularly canvassed by Mysteel reversed down 241,500 tonnes or 1% on week to 22.8 million tonnes as of August 6, Mysteel’s weekly survey showed. Among the five, stocks of rebar

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