WEEKLY: China's 304 stainless CRC prices slump as sentiment sours

Spot prices for 304-grade stainless cold-rolled coil (CRC) fell sharply across China's key trading hubs of Wuxi and Foshan over June 4-10, as a steep decline in futures and fading cost support dampened market sentiment for austenitic stainless.

As of June 10, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless CRC in Wuxi, East China, at Yuan 14,900/tonne ($2,200/t) in-warehouse including 13% VAT, lower by a sharp Yuan 250/t on week. On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange for July