WEEKLY: China's 304 stainless prices hold steady as futures rally

China's spot prices for 304-grade stainless steel remained largely stable during the Mysteel survey period over October 15-21, supported by a strong rally in stainless and nickel futures markets driven by feedstock supply-side concerns.

On October 21, Mysteel assessed the 304/2B Hongwang 2*1240mm cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,000/tonne ($2,096/t) in-warehouse and including the 13% VAT, unchanged from a week earlier. On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange closed the daytime session at