China’s main stainless steelmakers, Baosteel and Tisco, have announced that they plan to cut the production in June by 30 percent. The move is being made in order to stabilize the market and avoid the price from falling.

Before this, the production had been cut down by 50 percent in May for the four main steelmakers.

Currently, the stainless steel plate price of 300-series in Wuxi market has decreased by RMB2,000/ton. The plate price of 400-series has decreased by RMB500/ton.