Posted on 15 Aug 2025
Prices for 304-grade stainless steel coils posted sharp gains in East China's Wuxi city - the country's most prominent stainless hub - during August 7-13, as sellers raised their spot quotes amid tight available cargoes.
On August 13, Mysteel assessed the spot price of 304/2B Hongwang 2*1240mm stainless cold-rolled coil in Wuxi at Yuan 13,250/tonne ($1,846.8/t) in-warehouse and including the 13% VAT, higher by a significant Yuan 250/t from a week earlier. Also, on the same day and on the same basis, the spot price of 304-grade Tsingshan 5*1520mm stainless hot-rolled coil in the same city stood at Yuan 12,650/t, also up noticeably by Yuan 200/t on week, according to Mysteel's assessment.
Available cargoes in China's domestic spot markets have tightened recently as several stainless steel mills in East China, including Shandong province, have purportedly cut output. In this scenario, agents of stainless mills in South China also reported relatively brisk offtake, Mysteel Global noted.
"The tight supply has prompted sellers, who are still bullish on the price trends of stainless products, to hold onto their stocks," said an industry insider based in Wuxi.
In parallel, the climb in derivative prices in Shanghai and higher production costs also accounted for price gains of 304-grade products, Mysteel Global observed.
Spot prices for austenitic stainless steel have risen in tandem with firmer stainless futures prices on the Shanghai Futures Exchange (SHFE), with the most-traded contract for 304-grade CRC closing the daytime trading session on August 13 at Yuan 13,130/t, marking a weekly gain of Yuan 195/t.
Moreover, the buoyant prices for nickel pig iron (NPI) – a key raw material for austenitic stainless steel – have increased the cost of producing this stainless product recently. The stainless makers have been gearing up for the country's traditional peak-season for many industries, typically the case during September-October, and the climb in NPI prices has compelled mills to raise their quotes as well, according to market sources.
On August 13 for example, the price of high-grade NPI with 7-13% nickel content in East China's Jiangsu province under Mysteel's assessment reached Yuan 935/mtu including delivery and the 13% VAT, higher by Yuan 5/mtu on week.
Source:Mysteel Global
