Indonesia Tsingshan raises 304 stainless export prices

PT Indonesia Tsingshan Stainless Steel (ITSS), the Indonesian production base of China's Tsingshan Holding Group, raised its export price quotes for 304-grade stainless products by $30/tonne on Wednesday as the Jakarta government's anticipated increase in export duties on nickel are seen adding to its cost pressures, Mysteel Global learned.

ITSS raised prices after the Indonesian government reiterated on May 4 that it plans to soon finalize export duties and a windfall tax on nickel products. The policy aims to close regulatory loopholes, prevent under-invoicing and smuggling, and ensure that state revenue can cover rising subsidies, as Mysteel Global has reported. "We