WEEKLY: China's 304 stainless CRC prices track futures lower, costs ease

China's spot prices for 304-grade stainless cold-rolled coil (CRC) declined during Mysteel's June 18-24 survey week, a dynamic that tracked a downturn in stainless steel derivatives and easing costs, Mysteel Global learned.

On June 24, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless CRC in Wuxi, East China, at Yuan 15,000/tonne ($2,209/t) in-warehouse including 13% VAT, lower by Yuan 150/t or 1% on week. On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange (SHFE) closed