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Steel stocks at China's traders down but at a lower speed

Inventories of the five major steel items held by Chinese traders decreased for the eighth successive week over November 27-December 3, slipping by another 626,700 tonnes on week, according to Mysteel’s latest survey. But the decline narrowed further from the on-week fall of 742,300 tonnes over the prior survey period, as long steel demand in northern areas weakened while orders for flat steel still performed well.
The stocks of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate in traders’ warehouses in the 132 cities across China Mysteel monitors declined 4.1% on week to 14.5 million tonnes as of December 3, the survey showed, with the pace of the decline slowing by 0.6 percentage


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