According to industry consultancy Mysteel, 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.
Stockpiles of rebar fell to 4.48 million tonnes down more than 5% since last week. They have now dropped 21% 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.