China steel, copper inventories dip as demand recovers from virus
Reuters - Steel and copper inventories in China fell this week for the first time in months, exchange and consultancy data showed, as downstream metal consumers severely hit by the coronavirus come closer to restoring normal operations.
Total steel product stocks in China stood at 37.05 million tonnes as of Thursday, according to Mysteel. That was down 4.8% from 38.91 million tonnes a week earlier and marked the first drop since Dec. 19 as the traditional stock build ahead of the Lunar New Year was exacerbated by a virus-driven collapse in demand.
Inventories of copper> in warehouses tracked by the Shanghai Futures Exchange fell 0.7% from last week’s near four-year high to 377,247 tonnes, the first dip since Jan. 10.