WEEKLY: China 304 stainless prices fall further as cost support wanes

Spot prices for 304-grade stainless steel extended their declines across China's major trading hubs during November 6-12, pressured by weak prices of raw materials and losses seen in Shanghai futures prices, Mysteel's latest survey showed.

As of November 12, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil in both Wuxi in East China and Foshan in South China down by Yuan 100/tonne ($14/t) from a week earlier to Yuan 12,700/t, in-warehouse and including the 13% VAT. Meanwhile, the in-warehouse price