WEEKLY: Chinese traders' stainless steel stocks mount further

Total inventories of finished stainless steel in commercial warehouses in Wuxi and Foshan, China's two main stainless steel trading hubs, maintained the uptrend during the week of July 3-9, with the tonnage rising for the third consecutive week by 8,562 tonnes or 0.9% on week to 949,998 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. Among the total, inventories of stainless steel products at warehouses in Foshan jumped by 3.9% on week mainly due to increased cargo arrivals. This offset a slight decline of 0.7% in