Chinese traders’ steel stocks down further but slower
Nov 19, 2020 17:15
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Inventories of the five major carbon-steel items held by Chinese traders checked by Mysteel declined for the sixth week over November 13-19, thinning by another 1.1 million tonnes on week, new survey results show. However, the pace at which the stocks are falling slowed down from the 1.3 million tonnes drop in the prior period, as the heavy rain, snow and plunging temperatures in some regions of China have moderately dampened demand.
The stocks survey, among traders in 132 cities across the country, found that their inventories of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate totalled 15.9 million tonnes as of November 19, or down 6.6% on week, Mysteel’s data indicated.
“Demand in northern China has entered a consumption slump