WEEKLY: China 304 stainless prices rally amid futures surge

China's 304-grade stainless steel market strengthened during the Mysteel survey period over October 29-November 4, as a sharp rally in Shanghai stainless futures fed through to spot prices, a move reinforced by firmer production costs.

Mysteel assessed 304-grade Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi, East China, at Yuan 14,200/tonne ($2,128/t) on November 4, up Yuan 300/t from one week before, and the assessed price for 304-grade Tsingshan 5*1520mm stainless hot-rolled coil (HRC) in Wuxi also rose Yuan 300/t on week to Yuan