Posted on 14 Oct 2026
Spot stainless steel prices in China held steady across most series during Mysteel's survey period of September 24-October 10, while those for 300-series weakened. The period spanned China's Mid-Autumn Festival holiday from September 25-27 and the country's National Day holiday over October 1-7.
Overall stainless prices were largely stable before and during the holidays, but austenitic stainless coil prices edged down after the holiday break. Mysteel assessed the 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,100/tonne ($2,107/t) in-warehouse and including the 13% VAT on October 10, a substitute workday for the National Day holiday, down Yuan 100/t from September 24.
Softer Shanghai stainless futures and weakening support from the cost side mainly accounted for the decline in spot austenitic CRC prices. The most-traded stainless steel contract on the Shanghai Futures Exchange for November delivery closed the daytime session at Yuan 13,550/t on October 9, lower by Yuan 265/t from September 24.
With futures weakening, traders rushed to sell, quickly cooling market sentiment. On October 9, Tsingshan Group lowered its price floor for agents by Yuan 100/t for 304-grade cold-rolled and hot-rolled products, deepening bearish expectations and further weighing on sentiment for this grade.
In addition, falling raw material prices eroded cost support for the prices. As of October 10, Chinese integrated stainless mills using outsourced high-grade nickel pig iron reported an average cash cost of Yuan 13,598/t for producing 304-grade CRC, slipping Yuan 188/t from September 24, according to Mysteel's assessment.
By contrast, 200- and 400-series prices stabilized during the latest survey period. Mysteel assessed 201/J2-grade CRC in Wuxi at Yuan 7,950/t in-warehouse including 13% VAT on October 10, unchanged from September 24. During the same period, the assessed spot price of 430/2B 1.5mm CRC in Wuxi also stayed flat at Yuan 7,600/t on the same basis.
Looking ahead, Mysteel expects domestic spot stainless prices to trend lower this week. Demand has shown no clear improvement, keeping agents and traders bearish. Meanwhile, high inventories continue to weigh on prices, and falling raw material costs indicate more room for further price declines.
Source:Mysteel Global
