It's reported that Taigang Stainless and Baosteel Stainless, the two largest stainless producers in China have announced to cut the list prices of its stainless steel products by up to 4% for September, due to falling nickel prices and sluggish domestic market.
Taigang Stainless, the largest stainless producer in China decided to reduce its list prices of 304 grade cold rolled and hot rolled coils by RMB700/ton and RMB300/ton to RMB18, 200/ton and RMB18, 100/ton respectively. Also, it reduced the list prices of 430 grade cold rolled coils by RMB400/ton to RMB10,100/ton.
Meanwhile, Taigang Stainless continued offering a discount of RMB600/ton to its distributors in September.
Baosteel Stainless, the second largest stainless producer in China decided to recued its list prices of 304 grade cold rolled and hot rolled coils by 2.7% and 4% from a month ago to RMB17,800/ton and RMB16,800/ton respectively