- Tsingshan raises 304 HRC export prices again
- Tight supply, strong demand persist in the region
The Asian stainless steel market is witnessing significant price movement led by Indonesia’s Tsingshan Group raising its export offer prices for 304 hot-rolled stainless steel for the second month in a row. This persistent uptrend is creating ripple effects throughout Southeast Asia and Taiwan, and is set to impact South Korea’s October offers.
Recently, Chinese giant Tsingshan increased its export prices by another $30/tonne (t) for Southeast Asian buyers, following a $40 hike in July. Offers for 304 hot-rolled steel are now in the $1,720–$1,750/t range, with some official prices quoted as high as $1,790 though those upper levels may not be widely achieved in practice.
In just a month, the price has jumped by about $70 (KRW 90,000/t), accelerating the pricing cycle and raising concerns for downstream markets. Korean buyers, who typically see prices $100 higher than Southeast Asia or Taiwan, are now expected to face October offers of at least $1,850/t, surpassing earlier market expectations.
Key drivers behind the recent surge include rising raw material costs (especially nickel pig iron), rebounding stainless steel prices in China, declining inventory at major warehouses, and heavy pre-purchasing from European buyers. The latter are moving swiftly to secure supply ahead of the EU’s Carbon Border Adjustment Mechanism (CBAM), set for implementation in January, depleting Indonesian stocks faster than usual.
The upstream price pressure is also affecting the Taiwanese market, with producers like Yusco, Tangeng, Walxin Lihua, and Tungmeng reportedly considering price increases in September.
With persistently strong demand and tightening supply, buyers across Asia should prepare for continued volatility and elevated prices in the coming months.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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