WEEKLY: China's 304 stainless prices decline post-holiday

China's spot prices of 304-grade stainless steel moved lower during Mysteel's survey period from October 8-14, the first full survey week of this grade after the country's National Day holiday over October 1-7, dragged down by softer stainless futures prices and weakening raw material cost support.

Mysteel assessed the 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,000/tonne ($2,092/t) in-warehouse and including the 13% VAT on October 14, down by Yuan 200/t from October 8, the first working day following the holiday break. In the derivatives market, the most-traded stainless steel contract