WEEKLY: Chinese traders' stainless steel stocks retreat

Total inventories of finished stainless steel in commercial warehouses in Wuxi and Foshan, China's two main stainless steel trading hubs, moved lower during the period of July 31-August 6, with the tonnage decreasing by 19,416 tonnes or 2.1% on week to 921,833 tonnes, according to Mysteel's latest weekly survey.

The survey covers 50 warehouses in Wuxi in East China's Jiangsu province and 28 in Foshan in South China's Guangdong province. Among the total inventories, stainless steel piled at warehouses in Wuxi dipped by 0.97% from the prior week, while the volume at warehouses in Foshan slipped by around 4%