Steel stocks in China fell again

From November 26 to December 2, total inventories of five major finished steel products in commercial warehouses in 132 Chinese cities monitored by Mysteel updated their 10-month low, dropping another 3.9% or 623,800 tonnes in the week to 15.2 million tonnes. The five main finished steel products include rebar, wire rod, hot rolled coil, cold rolled coil, and middle plate.

For all five positions during the week there was a decrease in their stocks. Among them, rebar posted the largest weekly decline of 400,900 tonnes, hitting a 10.5-month low of 6.1 million tonnes as of December 2. Stocks of this product are also declining for the eighth straight week, according to Mysteel.