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China's retail steel stocks thin further
30  Mar  2023
The inventories of rebar, wire rod, hot-rolled coil (HRC), cold-rolled coil and medium plate held by traders in 132 cities Mysteel monitors had decreased for the sixth straight week, falling by 2.2% or 524,900 tonnes on week to 23.3 million tonnes as of Thursday.

Among the five items stockpiled, rebar stocks witnessed the sharpest decline during the week, tumbling by 275,000 tonnes on week to 11.7 million tonnes as of March 30. Stocks of medium plate also fell by 60,700 tonnes during the same period to 2.2 million tonnes, according to the survey.

"The trading of construction steel products has picked up with the improvement in the weather," said a Shanghai-based industry watcher. Mysteel's survey among the 237 Chinese trading houses supported the Shanghai source's view, as their daily trading volume had recovered by 18,286 tonnes/day or 11.9% on week to average 171,786 t/d over March 23-29.

The inventories of finished steel products traders held in Mysteel's former smaller sample across just 35 cities retreated by 353,600 tonnes or 2.3% on week to 14.8 million tonnes as of March 30.

China's finished steel prices were rangebound during the week. As of March 29, the national price of HRB400E 20mm dia rebar for example, had slipped by Yuan 22/tonne ($3.2/t) on week to Yuan 4,273/t including the 13% VAT..