WEEKLY: China's prices of most stainless grades weaken further

Spot prices of most stainless steel products offered in China last week continued to fall as bearish sentiment prevailed, new Mysteel data show. Prices for 300-series cold-rolled coil (CRC) bucked the trend, however, remaining resilient on producer support.

The spot price of 304/2B Hongwang 2*1240mm stainless CRC in Wuxi, East China, was assessed by Mysteel at Yuan 12,700/tonne ($1,787/t) in-warehouse and including the 13% VAT on November 21, flat on week. Austenitic CRC prices held firm as the country's leading stainless producer, Tsingshan Group, moved to support prices.