China’s main stainless steel manufacture, Taiyuan Iron & Steel Group (Tisco) will reduce the August production by 30 percent to 50 pecent, after the 20 percent reduction in July.

Besides, Japan’s stainless steel mills are going to cut their output by 40 percent. As for South Korea, Posco will maintain its production capacity at 50,000 tons. The overall Asian stainless steel market will rebound in around August or September.

Since the main stainless steel manufacturers in Asia are South Korea’s Posco and Taiwan’s YUSCO, both of these two mills dominate the Asian stainless steel price. According to the current market feedback, the price difference is Taiwan’s price lower than South Korea’s by around US$300/ton.