WEEKLY: Costs, sentiment lift China 304-grade stainless prices higher

China's domestic spot prices for 304-grade stainless steel extended their upward trajectory during Mysteel's survey week of February 26-March 4, driven primarily by resilient raw material costs and a gradual recovery in downstream consumption, the results of Mysteel's latest survey show.

As of March 4, the spot price of 304/2B Hongwang 2mm*1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, was assessed by Mysteel at Yuan 14,450/tonne ($2,095/t) in-warehouse and including the 13% VAT, marking an on-week increase of Yuan 100/t. Firm raw material costs provided the strongest support behind the