WEEKLY: China 304 stainless prices retreat on falling futures

Prices of 304-grade stainless steel in China's domestic spot markets retreated during Mysteel's May 7-13 survey week, moving in tandem with a sharp decline in derivative prices in Shanghai.

On May 13, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, at Yuan 15,450/tonne ($2,275/t) in-warehouse including 13% VAT, down by Yuan 250/t on week. The downturn followed rising expectations that the United States and Iran were closing in on a one-page