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China steel stocks decline further on steady buying

Stocks of the five major carbon steel items held by Chinese steel traders under Mysteel’s weekly survey have declined for two successive weeks, slipping by some 5% over October 16-22, thanks to sustained buying over the period. But market concerns remain about the strength of the demand recovery.
The five major finished steel products comprise rebar, wire rod, medium plate, hot-rolled and cold-rolled coil. Total stocks of the five at trading houses in 132 Chinese cities under Mysteel’s weekly survey declined by 1.1 million tonnes or by 5% on week to reach 20.7 million tonnes as of October 22. The pace of

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