WEEKLY: China's stainless market ignites as cost support strengthens

China's prices for most stainless steel grades skyrocketed over March 7-14, fuelled by a wave of bullish sentiment sweeping through both the spot and derivatives markets. Firmer cost support, particularly from the nickel sector, allowed the stainless market to maintain its upward momentum, Mysteel Global observed.

On March 14, Mysteel assessed the price of 304-grade stainless cold-rolled coil (CRC) in Wuxi, the largest trading hub in East China's Jiangsu province, at Yuan 13,600/tonne ($1,878.5/t) in-warehouse including VAT, higher by a large Yuan 250/t from the previous week and marking a four-month high. In Foshan, a key trading