WEEKLY: Steel stocks held by Chinese traders fall to 2-month low

Inventories of the five finished steel items held by Chinese traders in the 132 cities that Mysteel regularly canvasses thinned further to hit a two-month low of 18.7 million tonnes as of April 10, or falling for a sixth week by 2.4% or 454,300 tonnes on week, Mysteel's latest survey has found.

The five products comprise rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate. Among the five items, the stocks of long steel – rebar and wire rod – dropped the most during the survey week, declining by 350,200 tonnes and 120,200 tonnes on week to 8.26 million tonnes