Posted on 20 Oct 2026
Chinese spot prices of stainless steel declined across most series last week, pressured by weaker Shanghai stainless futures, lower mill list prices, and sluggish demand.
On October 16, Mysteel assessed 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 13,900/tonne ($2,077/t) in-warehouse including 13% VAT, down Yuan 200/t week on week and tracking the derivatives decline. On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange closed the daytime session at Yuan 13,215/t, down Yuan 335/t from a week earlier, reflecting weakening sentiment.
The downward trend was initiated early in the week when Tsingshan Group, China's largest stainless steelmaker, announced on October 12 that it would cut list prices by Yuan 200/t for 304-grade cold-rolled and hot-rolled products, Mysteel Global learned. Other traders quickly followed the move.
On October 15, Tsingshan lowered the price floors for its agents by Yuan 100/t for 304 cold- and hot-rolled products amid bearish market sentiment, prompting private agents and traders to lower their offers as well. That accelerated the decline in spot markets.
Meanwhile, demand remained lackluster. Downstream buyers purchased mainly on a need-to basis, while speculative demand stayed weak. Transactions were concentrated in discounted resources.
In other series, prices for 200- and 400-series CRC also slid. Mysteel assessed 201/J2-grade CRC in Wuxi at Yuan 7,800/t in-warehouse including 13% VAT on Friday, down Yuan 150/t on week, while the spot price of 430/2B 1.5mm CRC also in Wuxi dipped Yuan 50/t on week to Yuan 7,550/t on the same basis.
Looking ahead, Mysteel expects stainless steel prices to trend lower this week, given persistent supply pressure and weakening cost-side support.
Source:Mysteel Global
