Weak demand pulls down China's 304 stainless prices

Domestic prices of 304-grade stainless steel in China assessed by Mysteel dipped for the third week over November 8-15, as steelmakers and traders tabled lower offering prices amid dull stainless consumption and increased supply.

As of November 15, the spot price of 304/2B 2mm stainless cold-rolled coil (CRC) in Wuxi, a major stainless trading hub in East China's Jiangsu, had dropped by Yuan 200/tonne ($28.4/t) on week to Yuan 17,400/t, touching a new low since late September, Mysteel's survey showed. Similarly, the spot price of 304/No.1 5mm stainless hot-rolled