Dull demand weakens China 304 stainless prices

Chinese spot prices of 304-grade stainless steel under Mysteel's tracking softened over May 10-17, with demand from stainless buyers waning further amid the continuing impact of resurging COVID-19 cases in many regions and high-priced resources, according to market sources.

The spot price of 304/2B 2mm stainless cold-rolled coil (CRC) in Wuxi, a core stainless trading hub in East China's Jiangsu, had slipped to Yuan 20,800/tonne ($3,082.6/t) in-warehouse and including the 13% VAT as of May 17, down by Yuan 200/t on week after staying firm during the prior week, Mysteel's data showed. Likewise, the