WEEKLY: China's 304 stainless prices extend losses

Chinese spot prices for 304-grade stainless steel continued to fall across the country's key trading hubs of Foshan and Wuxi during Mysteel's survey week to September 9, with both spot prices and sentiment softening amid disappointing demand and persistent inventory pressure.

Mysteel assessed the 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,200/tonne ($2,116/t) in-warehouse including VAT on Wednesday, down by a significant Yuan 200/t from a week ago, while in the South China's hub of Foshan, the same product was also assessed at Yuan 14,200/t,