WEEKLY: Multiple factors send China stainless prices higher

Spot prices for most Chinese stainless steel grades gained during Mysteel's survey week between December 29-January 4. The rise was underpinned by stronger futures, elevated costs and limited spot availability, amid a shorter trading window that included the New Year's holidays between January 1-3 and a substitute workday on January 4.

This upward movement was most noticeable for 300-series stainless. As of January 4, the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, was assessed by Mysteel at Yuan 13,150/t ($1,880/t) in-warehouse and including the 13% VAT, up Yuan 150/t from December 25. Spot prices