WEEKLY: China stainless prices mostly edge lower

Chinese spot prices of stainless cold-rolled coil (CRC) retreated across most series last week, as mills cut list prices and bearish sentiment spread through the market, prompting agents and traders to lower offers to stimulate sales.

On October 30, Mysteel assessed 304/2B Hongwang 2*1240mm CRC in Wuxi, East China, at Yuan 14,000/tonne ($2,102/t) in-warehouse including 13% VAT, down Yuan 100/t week on week. On the same day in the futures market, the most-traded stainless steel contract on the Shanghai Futures Exchange closed the daytime session