China's 304 stainless prices up on futures, but sales poor

Strengthening stainless futures in China fueled the spot prices of 304-grade stainless steel in the country during January 9-16, while trading activities of the grade reduced recently as some downstream users took early holiday leaves ahead of the eight-day Chinese New Year holiday starting February 10, market sources shared.

On January 16, the spot price of 304/2B 2mm stainless cold-rolled coil (CRC) in Wuxi, a major stainless trading hub in East China's Jiangsu, edged up to Yuan 14,300/tonne ($1,988/t) in-warehouse and including the 13% VAT, rising by Yuan 50/t on week, Mysteel's assessment showed. Meanwhile, the spot price of 304/No.1 5mm stainless hot-rolled coil (HRC)