- Qingshan raises Indonesia 304 export prices
- Chinese stainless steel market remains weak
Indonesia’s Qingshan raised its export prices for 304 stainless steel by $30/t, despite weak market conditions in China. The increase comes amid downward pressure on Chinese stainless steel prices due to weak nickel and stainless steel futures and sluggish downstream demand. Despite the hike, Indonesian material remains competitively priced against Chinese domestic products.
Qingshan raises 304 export prices
Indonesia’s Qingshan increased its export price for 304 stainless steel by $30/t on 6 August. The price hike comes despite a generally weak trend in the Chinese stainless steel market.
Market participants noted that the increase has not significantly eroded Indonesia’s price competitiveness in the Asian market.
Indonesian 304 remains cheaper than China
Despite the latest price increase, Indonesian 304 stainless steel remains around RMB 300/t ($42/t) lower than the distribution price of 304 stainless steel from China’s Hongwang, according to local media reports.
The price gap indicates that Indonesian material continues to maintain an advantage in the regional market despite the recent export price adjustment.
Asian offers recover
Traders reported that export offers for hot-rolled 304 stainless steel in Asia have recovered to the low-$2,000/t range, following recent price increases from Indonesian producers.
The recovery in regional offers comes despite subdued demand and weak sentiment in China’s domestic stainless steel market.
Chinese market remains under pressure
Chinese stainless steel prices continue to face pressure from weak nickel and stainless steel futures prices and sluggish downstream demand. The weaker domestic market has limited the scope for Chinese producers and traders to raise prices.
Against this backdrop, the latest price increase from Indonesia’s Qingshan highlights continued confidence in maintaining export price levels while retaining competitiveness in Asian markets.
Note: This article is published as part of a content exchange agreement between SteelDaily and BigMint.
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