Indonesia Tsingshan raises 304 stainless export offers

PT Indonesia Tsingshan Stainless Steel (ITSS), the Indonesian production base of China's Tsingshan Holding Group, raised its export price quotes for 304-grade hot-rolled and cold-rolled stainless products by $30/tonne on August 6, Mysteel Global learned.

ITSS's price adjustment reflects mounting cost pressures from Indonesia's tightening nickel-mining policies and the company's efforts to narrow the price gap between Indonesian and Chinese spot stainless markets, Mysteel Global notes. Despite the hike, ITSS's export quotes remain approximately Yuan 300/tonne ($44/t) cheaper than China's domestic spot price for Hongwang