The prices of 316L stainless steel in the Wuxi market have risen a lot recently due to higher ferromolybdenum prices.

Besides, the recent unsmooth shipments of ferromolybdenum have caused the prices of this raw material to surge. Taigang’s 316L/2B price hiked by RMB 800/ton from the end of May to mid-June.

As of June 16, the price of 316L/2B in the Wuxi market has increased by RMB 200-400/ton from the previous trading day.

It was understood that stainless steel 316L/2B in the Wuxi market is now facing a shortage, and the market participants expected that the prices will rise further.