WEEKLY: Price rally in China's 304 stainless CRC stalls

China's spot 304-grade stainless cold-rolled coil (CRC) market held stable during the Mysteel survey period over November 5-11, as solid cost support and mills' efforts to support prices were offset by subdued end-user demand. This left prices consolidating after the previous week's rally.

On November 11, Mysteel assessed 304/2B Hongwang 2*1240mm CRC in Wuxi, East China, at Yuan 14,200/tonne ($2,129/t) in-warehouse and including the 13% VAT, flat from a week earlier. Uncertainties regarding nickel supply continued to underpin the 300-series market. Some Indonesian nickel pig iron smelters were reportedly planning output cuts, raising