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China's stainless steel prices up
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China’s major stainless steel mills, including Taiyuan Iron and Steel Co. (Tisco) and Baosteel, have announced to raise the prices in October. The prices rise is aiming to meet the increasing demand and higher nickel prices.
Tisco, the largest stainless steel producer, is going to increase its 304 series stainless hot rolled and cold rolled price by RMB1,500/ton (US$200) for October delivery, that is around a 4.6 percent rise than that in September.
“The stainless producers believe that the demand will return in October while the inventory is current at a relative lower level after two months more digesting." said a Tianjin base distributor. In fact, the price rise in previously sets to be RMB1,200/ton. However, they decided to raise the price by RMB1,500/ton, as nickel price have raised currently.
China's major stainless steel mills hold a regular monthly meeting to decide the prices for the next month, and other stainless mills are believed to follow the same move as Tisco's.
News Date
9/28/2007 9:15:09 AM
reported by
Brian Huang
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