WEEKLY: Tsingshan's price support fails to halt 304 stainless slide in Wuxi

Spot prices for 304-grade stainless steel in East China's Wuxi city - a major stainless trading hub - fell during December 11-17, tracking a sharp plunge in the futures market, according to Mysteel's latest survey.

On December 17, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi at Yuan 12,700/t ($1,803/t) in-warehouse and including the 13% VAT, down Yuan 100/t from a week earlier. This downturn in the spot market was directly triggered by a significant correction in stainless