WEEKLY: China's 304-grade stainless prices decline on weaker cost support

Chinese domestic prices of 304-grade stainless steel cold-rolled coil (CRC) and hot-rolled coil (HRC) continued to slide during November 13-20, as cost support from key raw materials such as nickel pig iron (NPI) and ferrochrome (FeCr) weakened further.

As of November 20, Mysteel assessed the price of Hongwang's 304-grade stainless CRC in Wuxi, a major trading hub in East China's Jiangsu province, at Yuan 13,400/tonne ($1,850.2/t) in-warehouse, including 13% VAT, down Yuan 100/tonne from the prior week. Similarly, the price of Tsingshan's 304-grade stainless HRC in Wuxi had