WEEKLY: China's 304 stainless prices plunge as pessimism deepens

Over October 16-23, China's 304-grade stainless steel market experienced a significant downturn in both spot and futures markets, with pessimism among key producers becoming widespread, according to Mysteel Global.

As of October 23, Mysteel's assessment showed that the spot price of Hongwang 304-grade stainless cold-rolled coil (CRC) in Wuxi – a major production hub in East China's Jiangsu province – had fallen by Yuan 300/tonne ($42.2/t) over the past week to land at Yuan 13,650/t. Meanwhile, the price