WEEKLY: China 304 stainless prices surge on Indonesia nickel supply fears

China's spot prices for 304-grade stainless steel posted sharp gains during Mysteel's April 23-29 survey week, as a sustained rally in futures markets driven by concerns over a potential production halt at PT Weda Bay Nickel (PT WBN) lifted spot quotations.

On April 29, Mysteel assessed the price of 304/2B Hongwang 2×1240mm stainless cold-rolled coil (CRC) in East China's Wuxi at Yuan 15,450/tonne ($2,259/t) in-warehouse, including 13% VAT, surging by Yuan 600/t on week. On the same day, the most-traded stainless contract on the Shanghai Futures Exchange for June delivery closed