WEEKLY: Steel stocks at Chinese traders mount after 12-week fall

The stocks of the five major carbon steel products at trading warehouses across China tracked by Mysteel reversed up slightly during December 27-January 2 period after steadily declining since October, the latest stocks survey shows. The tonnage rose by 0.7% on week, due to the seasonal lull in demand from end-users, together with their unwillingness to build up steel stockpiles this winter.

The stocks of five steel items comprising rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate held by traders in the 132 cities Mysteel follows mounted by 87,900 tonnes on week to reach 12.84 million tonnes as of Thursday, the survey showed. Behind the rise in stocks was