WEEKLY: Chinese traders' stainless steel stocks fall to 5-mth low

Total inventories of finished stainless steel in commercial warehouses in Wuxi and Foshan, China's two main stainless steel trading hubs, retreated during July 10-16 after a continuous rally over the prior three weeks, with the total tonnage slipping by 26,602 tonnes or 2.8% on week to touch a five-month low of 923,396 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 Wuxi declined by 2.7% from the prior week, while the tonnage at warehouses in Foshan also posted an on-week fall