WEEKLY: China stainless prices under pressure

China's spot stainless steel prices remained under pressure last week, as steep declines for 300-series accounted for most of the weakness. By contrast, 200- and 400-series grades held firm, with prices little changed throughout the week.

Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless CRC in Wuxi, East China, at Yuan 14,500/tonne ($2,150/t) in-warehouse including 13% VAT on August 14, posting a sharp decline of Yuan 300/t from a week earlier. In the derivatives market, the most-traded stainless steel contract on the Shanghai Futures Exchange