WEEKLY: China's stainless prices lose more ground as inventories rise

Prices of most stainless products in China's core stainless hubs fell during August 18-22, as softening futures contract prices in Shanghai and higher inventories had put pressure on domestic stainless markets.

On August 22 for example, the spot price of 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, was assessed by Mysteel at Yuan 13,000/t ($1,814/t) in-warehouse and including the 13% VAT, down by Yuan 100/t on week. The drop in stainless contract prices on the Shanghai Futures Exchange