WEEKLY: China's 304 stainless prices diverge in key hubs

Spot price trends for 300-series stainless steel diverged across China's two key trading hubs of Foshan and Wuxi during Mysteel's survey week to August 26, with Wuxi prices softening under month-end sales pressure while those in Foshan remained relatively resilient.

As of August 26, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,500/tonne ($2,157/t) in-warehouse and including the 13% VAT, lower by Yuan 100/t from the previous week. In the derivative market, the most-traded stainless contract on the Shanghai Futures Exchange (SHFE) for October delivery closed Wednesday's daytime session