Steel stockpiles in China, the world's biggest producer and consumer of the alloy, are nearing last year's levels as output slows to meet demand, according to Commodore Research & Consulting.
Inventories now total 15.7 million metric tons, up 2 percent from a year earlier, Jeffrey Landsberg, the New York-based president of Commodore, which advises shipowners, said in an e- mailed report on Tuesday.
Stocks were up 23 percent from last year as of April 5, when they came to 21.9 million tons, widening from a 6 percent increase by March 8, he said.
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