Taiyuan Iron & Steel Group (Tisco), the largest stainless steel maker in China announced to cut its ex-works prices of stainless steel products for next January due to poor demand in spot market.
The firm will cut the ex-works prices of 304 grade cold rolled coil, hot rolled coil and medium plate by RMB900/ton, RMB1,400/ton and RMB2,000/ton respectively for next January.
Meanwhile, it will also reduce the ex-work prices of 430 grade cold rolled coil by RMB400/ton for next January.
At the same time, Baosteel, the second largest stainless steel producer in China also decided to cut its prices of 304 grade hot rolled coil by RMB300/ton; while, it kept the prices of 304 grade cold rolled coil unchanged.
Also, Baosteel decreased the prices of 400 grade stainless steel by RMB200/ton for next January