Although the transaction reduced before the Chinese New Year holidays, China's stainless steel price increased sharply last week. Due to high nickel prices, many suppliers stopped offering prices, especially for 304 cold-rolled stainless steel.
The inventory is not much and the shipment is also a problem. Due to the coming Chinese New Year, there are not many available shipment spaces.
In the meantime, Taiwanese and Japanese upstream stainless steel mills stopped offering prices due to high raw material costs. It was expected that the demand will be good and Taiwan's stainless steel mills might increase prices at least by US$100/ton for February.
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