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China’s retail steel stocks rise for 7th week, up 0.7%

ABSTRACT

The stocks of finished steel products held by Chinese trading houses monitored by Mysteel increased for the seventh week in a row over July 23-29, rising by 0.7% on week, according to the weekly stocks survey. The pace of accumulation was faster than the 0.1% uptick last week, because the hot and rainy summer weather has crimped steel demand, sources said.
As of July 29, total inventories of the five major products comprising rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil (CRC) and medium plate held by the surveyed traders in 132 cities under Mysteel’s tracking had swollen by another 162,200 tonnes on week to reach 23.5 million tonnes. Among the five

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