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Steel stocks held by Chinese traders fall for 7th week


The inventories of major finished steel items held by the Chinese traders Mysteel regularly canvasses declined for the seventh week in a row during April 16-22, falling by another 1 million tonnes on week, Mysteel’s survey has found. And though the pace of the decline slowed from the 1.5 million tonnes on-week drop during the prior period, market watchers suggest the slower decline will make no dent in the strong steel prices prevailing now.
The stocks of the five major steel products held among traders in China’s 132 cities lost 3.8% on week to 25.9 million tonnes as of April 22, the latest survey showed. The five products comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate. The stocks of rebar and


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