WEEKLY: China's 304 stainless steel prices weaken on dampened sentiment

The positive sentiment that had earlier buoyed China's stainless steel market waned over March 14-21, with futures prices weakening and exerting downward pressure on austenitic stainless prices, particularly for 304 stainless steel cold-rolled coil (CRC), according to Mysteel Global.

On March 21, Mysteel assessed the price of 304-grade stainless CRC in Wuxi, the largest stainless trading hub in East China's Jiangsu, at Yuan 13,550/tonne ($1,866.4/t) in-warehouse, including VAT, lower by a slight Yuan 50/t from the previous week. The weakening sentiment in the stainless steel market was largely attributed to