WEEKLY: China 304 stainless prices skyrocket on rising costs

Spot prices for 304-grade stainless steel surged in China's major stainless trading hubs during the week to December 24, the results of Mysteel's latest survey showed. The jump in austenitic grade prices was driven by rallying futures prices and rising raw material costs, and galvanised sellers to hike quotes, market sources explained.

On December 24, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in East China's Wuxi at Yuan 13,050/t ($1,857/t) in-warehouse and including the 13% VAT, up Yuan 350/t from a week earlier. The spot market rally was directly triggered by a remarkable lift in stainless