WEEKLY: China's 304 stainless CRC prices diverge in key markets

China's 304-grade stainless cold-rolled coil (CRC) market showed divergent trends during Mysteel's July 2-8 survey week, with the prices in East China's Wuxi edging up from the previous week, while those in South China's Foshan softened.

However, the overall undertone remained decidedly weak, weighed down by sliding futures and eroding cost support, Mysteel Global notes. Market sentiment was depressed amid broad-based bearish factors. In the derivative market, the most-traded August stainless steel contract on the Shanghai Futures Exchange closed the daytime session at Yuan 14,450/tonne ($2,126/t)