WEEKLY: China stainless CRC prices mostly rebound on NPI output cut plans

Chinese spot prices of stainless cold-rolled coil (CRC) rose across most series last week, driven by market expectations that production of nickel pig iron (NPI) in Indonesia will be reduced, a development that would raise costs for Chinese stainless mills.

On October 23, Mysteel assessed 304/2B Hongwang 2*1240mm CRC in Wuxi, East China, at Yuan 14,100/tonne ($2,111/t) in-warehouse including 13% VAT, up Yuan 200/t week on week. On the same day, the most-traded stainless steel contract on the Shanghai Futures Exchange closed the daytime session at Yuan 13,635/t, up