WEEKLY: China's 304 stainless prices fall as nickel slump drags on sentiment

China's spot prices for 304-grade stainless steel declined during Mysteel's June 25-July 1 survey week, as a sharp drop in nickel futures dragged down Shanghai stainless steel futures. On July 1, the most-traded September nickel contract on the Shanghai Futures Exchange (SHFE) closed the daytime session at Yuan 125,580/tonne ($18,483/t), down Yuan 5,120/t or 4% on week.

On Wednesday, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,900/t in-warehouse including 13% VAT, down by Yuan 100/t on week. Meanwhile, the most-traded August stainless contract on the SHFE closed Wednesday's daytime session at Yuan 14,615/t, Yuan 80/t