WEEKLY: 304 stainless prices in Wuxi rally on Tsingshan move

Spot prices for 304-grade stainless steel in East China's Wuxi city, a major stainless trading hub, rebounded during December 4-10, driven by a market-lifting price hike by industry leader Tsingshan Group and firmer futures prices, the results of Mysteel's latest survey showed.

On December 10, the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi was assessed by Mysteel at Yuan 12,800/t ($1,812/t) in-warehouse and including the 13% VAT, up Yuan 100/t from a week earlier. The spot market rise followed Tsingshan Group's December 8 announcement adding Yuan 100/t