WEEKLY: China 304 stainless prices surge on rising futures

Spot prices for 304-grade stainless steel surged in China's major stainless trading hubs during Mysteel's survey period of December 25-30. The jump in austenitic grade prices was driven by rallying futures prices that prompted sellers to hike quotes, Mysteel Global noted.

On December 30, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in East China's Wuxi at Yuan 13,150/t ($1,880/t) in-warehouse and including the 13% VAT, marking a sharp gain of Yuan 200/t from a week earlier. The spot market rally was directly triggered by a