WEEKLY: Chinese traders' stainless stocks down further

Total inventories of finished stainless steel in commercial warehouses in Wuxi and Foshan China's two main stainless trading hubs moved lower during January 9-15 to sit at 808,749 tonnes, slipping for the seventh consecutive week by 9,252 tonnes or 1.1% from the week prior, according to Mysteel's latest weekly survey.

The sample size under Mysteel's tracking comprises 50 warehouses in Wuxi in East China's Jiangsu province and 28 in Foshan in South China's Guangdong province. The destocking was mainly seen in stainless steel inventories at warehouses in Wuxi, where the tonnage declined by 2.7% on week during the latest survey