China's domestic stainless steel market continued to strengthen over the past week on tight supply and high prices for raw materials.
Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 15,100-15,900 yuan ($2,332-2,456) per tonne, up by 200 yuan per tonne from
a week earlier.
A shortage of stainless hot-rolled coil - the upstream product for stainless CRC - sent prices for the former to 15,200 yuan per tonne on Wednesday, up by 300 yuan per tonne from a week earlier.
This put pressure on rerolling mills to raise prices for stainless CRC, though they still overlapped with those for stainless HRC because demand for stainless CRC is weakening, sources said.
An increase in production costs also pushed up...