Indonesia Tsingshan halts offers after two sharp price hikes

The suspension of offers by PT Indonesia Tsingshan Stainless Steel (ITSS) for stainless steel products for export remains in place while the company assesses the impact to its business of rising costs. ITSS, the Indonesian production base of China's Tsingshan Holding Group, had suspended offering last Saturday and as of April 27 had yet to resume, Mysteel Global understands.

The company had raised its export price quotes for 304-grade stainless cold-rolled products by $30/tonne on April 24 – its third increase this month – and a day later, lifted these by a further $60/t before immediately suspending offers, a decision market sources attribute to the rapid rise in