WEEKLY: China stainless prices move in opposite directions

China's spot prices for stainless steel diverged by series last week, the latest market data show. During the period, 300-series prices softened - weighed down by losses in Shanghai futures derivatives and a price cut by the country's stainless steel giant - while in contrast, both the 200- and 400-series gained ground.

On May 22, Mysteel assessed the price of 304/2B Hongwang 2×1240mm stainless cold-rolled coil (CRC) in East China's Wuxi at Yuan 15,100/tonne ($2,222/t) in-warehouse, including 13% VAT, lower by Yuan 150/t from a week earlier. In the derivatives market on the same day, the most-traded SHFE stainless contract for July