Traders’ stocks of five major steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate in 35 Chinese cities mounted 5.2% or 416,400 tonnes week as of January 2, as sales have been slowing down with the days getting colder in many parts of China, according to Mysteel’s latest weekly survey.
The growth was 4.2 percentage points higher than the previous week with the stocks totalling 8.39 million tonnes, and among the whole, long steel including rebar and wire rod contributed to the most increases, up 6.4% on week to 3.35 million tonnes and up 12.3% on week to 1.2 million