- Oversupply in China, other Asian markets limits demand
- India, Vietnam cautious ahead of year-end, policy changes
SteelDaily: Indonesia’s leading stainless steel producer, Tsingshan, has reduced its export offers for 304 hot-rolled (HR) coils for the second half of November, amid sluggish global demand and elevated inventories across key Asian markets.
The company has reportedly cut HR coil offers by $20/tonne (t), bringing them down to $1,745/t FOB Indonesia. This is the month’s second price cut, leading to a cumulative drop of $50/t.
Market participants attributed the downward revision to limited buying interest from major export destinations such as India, South Korea, and Vietnam.
A trader remarked, “Global stainless steel sentiment remains weak due to oversupply and high stock levels, particularly in China. Mills are reducing offers to stay competitive and sustain export volumes.”
Meanwhile, regional markets, including India and Vietnam, are also witnessing slower trade activity, with most buyers maintaining a cautious stance ahead of year-end demand forecasts and potential policy developments.
Note: This article has been written in accordance with a content exchange agreement between SteelDaily and BigMint.
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