WEEKLY: China austenitic stainless prices drop on futures plunge, pre-CNY lull

Spot prices for austenitic stainless steel fell in major Chinese markets during Mysteel's survey period of January 29-February 4, pressured by a correction in futures prices and dwindling activity ahead of this month's Chinese New Year holiday.

On February 4, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in East China's Wuxi at Yuan 14,150/tonne ($2,039/t) in-warehouse and including the 13% VAT, down by a significant Yuan 350/t from a week earlier. The downturn followed a sharp drop in stainless futures on