Taigang cuts austenitic stainless steel coil export prices by $50/ton

BEIJING (Scrap Monster) : Chinese Taigang Stainless Steel Group announced its decision to cut the export prices for austenitic stainless steel coils.

The largest steel producing group in China announced a cut of $ 50 per ton in the export prices of austenitic stainless coils. The price cut is mainly attributed by weakening nickel prices, Taigang said.

The export price for 3mm 304 grade hot rolled coils (HRC) now stands at $2,470 per ton FOB. The per ton prices of 2mm 304 grade cold rolled coils (CRC) after the cut would be $2,600 FOB.

China’s struggling stainless steel producers are seen in a rush to cut prices due to weakening demand situation. Increased use of cheaper nickel pig iron has clamped down the nickel prices. The prices of nickel have fallen almost 15% year-to-date. Nickel has been in continuous downtrend for the past two years for now.