WEEKLY: Chinese traders' stainless stocks edge up

After dipping for two consecutive weeks, total inventories of finished stainless steel in commercial warehouses in Wuxi and Foshan, China's two main stainless steel trading hubs, increased slightly during June 19-25, with the tonnage rising by a tiny 790 tonnes or 0.1% on week to reach 939,738 tonnes, according to Mysteel's latest weekly survey.

The survey covers 50 warehouses in Wuxi, East China's Jiangsu province, and 28 in Foshan, South China's Guangdong province. The slight accumulation was mainly due to the inventory build-up at warehouses in Wuxi, where the tonnage jumped by 1.5% from the prior week, offsetting a further on-week decline of 2.3%