Stainless steel prices in China have plunged over the past week on growing inventory levels, although market participants were optimistic that domestic demand showed signs of improvement.
"It's likely that Chinese prices are close to bottoming out because most companies have already resumed operations," a trader in northern China said.Fastmarkets' weekly price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 12,600-13,600 yuan ($1,819-1,954) per tonne including value-added tax...