WEEKLY: China's 304 stainless prices slide on futures slump, lower cost

Chinese spot prices for 304-grade stainless steel retreated across the country's key trading hubs of Foshan and Wuxi during Mysteel's survey week to September 2, mainly dragged down by a sharp slump in Shanghai stainless futures and dwindling cost-side support, market sources reported.

As of Wednesday, Mysteel assessed the 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,400/tonne ($2,143/t) in-warehouse including VAT, down Yuan 100/t from a week ago. Meanwhile, the South China's hub of Foshan saw a steeper decline, with the same product assessed at Yuan 14,250/t