Market participants announced that Chinese steel mills were preparing to cut production to stabilize and support prices. This measure came with a sustained rise in futures prices.
Indonesia's Tsingshan, a major global player in stainless steel production, announced that it has adjusted its export prices. Effective July 4, Tsingshan has imposed an increase of USD 15 per ton on its 304 black stainless steel product. The company attributed this decision to rising steel prices in China and the recovery in alloy prices, aligning its export pricing strategy with current trends in the dynamic Chinese spot market.
Tsingshan's strategic adjustment underscores its sensitivity to market conditions and aims to maintain profitability in the face of fluctuating raw material costs and global economic uncertainty.
Industry experts expect stainless steel price volatility to continue, influenced by geopolitical factors, global economic trends, and supply chain dynamics.
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