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Steel stocks at China’s traders thin, despite pessimism

Stocks of the five major steel items held by Chinese traders declined for the third successive week over September 18-24, dipping by another 1.1% on week, as against the 0.7% on-week decline seen in the prior week, Mysteel Global’s latest survey shows. Nevertheless, market sentiment was still comparatively bearish, survey respondents observed.
Total inventories of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among traders in 132 cities nationwide declined by 251,600 tonnes on week to 22.6 million tonnes as of September 24, the survey findings showed. Among the five, the stocks of rebar and wire rod witnessed the sharpest on-week

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