Chinese stainless steel price may further increase before Chinese New Year
The price of stainless steel 400 series in China has skyrocketed recently. Due to steel mills' price-up, stainless 410 and 420 in the Wuxi market rose by as much as RMB 1,000/ton in a week.
Among them, the cold-rolled stainless steel price for the 430 series showed a steady increase with a range around RMB 50-100/ton, and the hot-rolled stainless steel price for the 430 series also increased by around RMB 1,000/ton.
The main reason for the increase was caused by the strong raw material price, and the market expected the shortage of raw material would hard to be solved before Chinese New Year, and which might push the prices to increase further.
