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MYSTEEL: China’s stainless stocks grow 8.1% on week

Inventories of all grades of stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, climbed for the third week over January 15-21, mainly due to the increased arrivals at traders’ warehouses and the slowing demand from users, according to Mysteel’s latest weekly survey. Last week’s rise in stocks was at the faster pace of 8.1% against the prior week’s growth of just 0.6%, the data show.
As of January 21, total stainless stocks at thetwo hubscame in at 420,149 tonnes, the survey showed.Among the total, stainless stocksin Wuxi, in East China’s Jiangsu province,jumped by another 7.2% on week, while the volume in Foshanin South China’s Guangdong provinceposted a larger on-week rise of 10% after the short-lived retreat over the prior survey

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