Posted on 22 Sep 2026
Spot prices of stainless cold-rolled coil (CRC) in Wuxi, a key stainless hub in East China, diverged by grade last week. Austenitic CRC prices extended their decline, while 200-series rose and 400-series prices held firm.
On September 18, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless CRC in Wuxi at Yuan 14,100/tonne ($2,105/t) in-warehouse and including 13% VAT, down Yuan 100/t from a week earlier.
Indonesia's relaxation of nickel ore mining quotas under its Work Plan and Budget (RKAB) for the second half of this year has pushed nickel prices lower recently. This dragged down Chinese stainless mills' procurement prices of nickel pig iron (NPI) in turn. As a result, cost support for spot stainless prices weakened, prompting market participants to sell off cargo more aggressively and for agents to cut prices to secure deals, Mysteel Global learned.
On Friday, Mysteel assessed the average cash costs for integrated stainless mills using outsourced high-grade NPI to produce 304-grade CRC at Yuan 13,809/t, down Yuan 217/t on week.
On the stainless CRC demand side, end-users showed little willingness to restock ahead of the Mid-Autumn Festival over September 25-27 and the National Day holiday during October 1-7, opting instead to keep inventory digestion slow. With both cost support and demand weakening, stainless prices came under pressure.
In contrast, prices of 200-series rose, as price-support moves by some mills drove spot prices higher. Also on Friday, Mysteel assessed 201/J2-grade CRC in Wuxi at Yuan 8,000/t in-warehouse and including tax, higher by Yuan 200/t on week.
Meanwhile, 400-series prices held steady amid easing supply pressure. The same day the spot price of 430/2B 1.5mm stainless CRC in the same city was assessed at Yuan 7,600/t on the same basis, flat on week.
Spot stainless steel prices are expected to trend lower in the coming week, Mysteel Global notes, with the market focus being on market arrivals and the speed of inventory depletion.
Source:Mysteel Global
