China steel product stockpiles fall this wk -Mysteel

Fri Nov 12, 2010 4:44am EST

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 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)




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