POSCO stainless steel export quotation for China drops
Stainless steel prices continue their slump in
China as supply remains ahead of demand.
Shanghai No.1 steel plant is expected to produce 60'000 tons of
stainless steel in June, and
production increases are anticipated in the coming months. An influx of even more
stainless in an already saturated market has Chinese traders taking a pessimistic view towards the future trend. As such, many have cut back on their
stainless import orders.
The domestic situation in
China, combined with stagnant market situations in
Europe and the US, has affected South
Korea stainless maker POSCO's export quotations. POSCO, which is seeing its products piling up at the ports, reportedly has lowered its HR
stainless steel coil export quotation to around $2'100/ton for spot supply.