Posted on 30 Jun 2026
China's stainless steel prices largely declined last week, as most grades tracked the downward trend in futures and production costs, Mysteel Global learned.
Prices of the 300-series posted notable losses during the week. On June 26, Mysteel assessed the price of 304/2B Hongwang 2.0×1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,950/tonne ($2,199/t) in-warehouse including 13% VAT, lower by Yuan 250/t from June 18, the last trading day before the Dragon Boat Festival holiday weekend.
On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange closed the daytime session at Yuan 14,630/t, down by a sharp Yuan 540/t from June 18.
The bearish pressure was exacerbated by news regarding adjustments to nickel production quotas in Indonesia, as reported, which weighed on nickel prices and dragged down stainless steel futures.
On the cost front, falling prices of nickel pig iron and ferrochrome – key inputs for stainless production – further undermined cost support for stainless prices. As of Friday, Chinese integrated stainless mills using outsourced high-grade nickel pig iron reported an average cash cost of Yuan 14,509/t for producing 304-grade CRC, down Yuan 138/t from the pre-holiday level, according to Mysteel's assessment.
Adding to the downward momentum, month-end cash flow issues prompted some traders to liquidate inventories at lower quotes, further dragging spot prices lower as market sentiment turned increasingly cautious.
Prices of the 200-series also moved lower. On June 26, Mysteel assessed the price of 201/J2-grade CRC in Wuxi at Yuan 7,950/t in-warehouse including tax, down Yuan 50/t on week.
By contrast, prices for 400-series remained stable, as mills maintained a price-flooring policy that prompted market distributors to hold their offers steady. As of last Friday, the spot price of 430/2B 1.5mm stainless CRC in Wuxi stood at Yuan 7,650/t in-warehouse and including 13% VAT, flat from June 18, according to Mysteel's data.
Looking ahead, market participants expect stainless steel prices to remain rangebound in the coming week, with key factors to watch including the resumption pace of production among end-user enterprises and inventory destocking.
Source:Mysteel Global
