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MYSTEEL: China’s stainless stocks reverse down 5.6%

Total inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, reversed down by 5.6% on week over November 20-26 after climbing for the prior two weeks, according to Mysteel’s latest weekly survey. Higher consumption among end-users and a reduction in arrivals from producers were behind the dip.
Total tonnage at the two hubscame in at 464,978 tonnes as of Thursday, lower by 27,472 tonnes from one week before. Among thetotal,inventoriesin Wuxi, in East China’s Jiangsu province,decreased by 3.5% on week against the prior week’s growth of 1.6%, whilethose inFoshanposted a large on-week fall of 9.3%, in sharp contrast to the on-week rise

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