POSCO stainless steel export quotation for China drops

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.