WEEKLY: Most stainless grades hold steady in Wuxi

The first week of the traditional September peak month for steel consumption got off to a weaker-than-expected start in Wuxi, East China's key stainless hub, with spot prices of stainless cold-rolled coil (CRC) diverging by grade last week. Prices of austenitic CRC fell notably, while 200- and 400-series prices held firm.

On September 4, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless CRC in Wuxi at Yuan 14,300/tonne ($2,131/t) in-warehouse and including the 13% VAT, down Yuan 200/t from one week earlier. The weakness in austenitic grades was primarily caused by softening derivatives prices on the Shanghai Futures Exchange