Indonesia Tsingshan lowers 304 stainless export prices

PT Indonesia Tsingshan Stainless Steel (ITSS), the Indonesian production base of China's Tsingshan Holding Group, has lowered its export price quotes for 304-grade stainless products by $40/tonne. The reduction is the company's second for the grade so far this year, following the price cut on May 19, Mysteel Global understands.

Following the adjustment, the Indonesian mill's export prices for austenitic products are roughly equivalent to domestic cargoes produced by private mills in China, based on the onshore spot rate of 6.78 Chinese yuan per U.S. dollar as of May 28. ITSS's price cut reflects weakening demand and prevailing cautious sentiment