China's domestic stainless steel prices decreased sharply over the week ended Wednesday November 18, sending them to their lowest in nearly four months amid pressure on mills to sell.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 13,100-14,300 yuan ($1,998-2,181) per tonne, down by 600-1,100 yuan per tonne from
a week earlier.
On average, prices are at their lowest since late July.
A sharp weakening of stainless steel futures is putting pressure on spot prices.
The most-traded January stainless steel contract on the Shanghai Futures Exchange ended its trading session on Wednesday at 13,040 yuan per tonne, down by 635 yuan per tonne from 13,675 yuan per tonne a week earlier.
Buyers have scaled down their...