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

China's spot prices for 300-series cold-rolled stainless steel followed different trends in the country's two key hubs of Wuxi and Foshan during Mysteel's survey week to August 5. Wuxi prices softened under pressure from sliding futures prices and tepid end-user demand, while Foshan quotations held flat, cushioned by mills rolling over their list prices and by rising feedstock costs.

On August 5, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless cold-rolled coil (CRC) in Wuxi at Yuan 14,800/tonne ($2,193/t) in-warehouse including 13% VAT, down Yuan 100/t from a week earlier. Bearish derivatives prices weighed on sentiment and triggered price cuts among local merchants. The most-traded September stainless contract