Stainless steel inventories at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, declined for the fifth week over June 4-10, slipping by another 1.2% on week due to the limited arrivals at traders’ warehouses. The recovery in demand before the long holiday weekend for China’s Dragon Boat Festival over June 12-14 also contributed, sources said.
Stainless inventories at the two hubs totalled
530,166 tonnes as of June 10, down by another 6,414 tonnes on week. Among the
total, stocks in Wuxi in East China’s Jiangsu province posted a slight on-week
rise of 0.6%, while the volume in Foshan in South China’s Guangdong province
slipped further by 5.2% on week