China steel product stockpiles fall this wk -Mysteel
BEIJING, Nov 12 (Reuters) - Stockpiles of steel products in major Chinese cities fell again this week as the market prepares for an expected supply squeeze in last two months of the year, industry consultancy Mysteel said on Friday.
Stockpiles of rebar fell to 4.48 million tonnes, down more than 5 percent since last week. They have now dropped 21 percent since the beginning of October.
Steel prices in China surged this week, following liquidity-driven rises in other commodities, but rebar futures eased on Friday as investors sought to lock in gains. [ID:nTOE6AA04O] [ID:nSGE6AB030]
Following is a table showing movements in stockpile numbers for key steel products over the past seven days. Product Stockpile Level % change Rebar 4.48 mln T -5.1 Hot-rolled 5.13 mln T -0.9 Cold-rolled 1.496 mln T -1.6 Source: Mysteel (Reporting by David Stanway, Editing by Chris Lewis)