WEEKLY: Austenitic stainless prices rise in Wuxi

Prices of 300-series stainless steel prices in East China's Wuxi strengthened last week. On January 23, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil (CRC) in Wuxi at Yuan 14,600/t ($2,094/t) in-warehouse and including the 13% VAT, up Yuan 250/t from a week earlier.

The rise was driven primarily by firmer stainless futures and rising costs. The most-traded stainless contract on the Shanghai Futures Exchange (SHFE) for March delivery closed the daytime session on January 23 at Yuan 14,725/t, up Yuan 450/t on week. Meanwhile, prices for key raw materials nickel pig iron and