Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi):
16,900-17,500 ($2,609-2,701) per tonne, up by 300 yuan per tonne
Prices were last at these levels in December 2016, according to Fastmarkets’ data.
High production costs led stainless steel producers to raise their ex-works prices, sources said.
For instance, a major mill in eastern China on Wednesday June 23 raised its list price for grade 304 CRC by 500 yuan per tonne to 16,500 yuan per tonne ex-works.
Costlier nickel is the main contributor of the higher production costs.
The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $17,869 per tonne, up by $350 per tonne from $17,519 per tonne...