Import prices for stainless steel in East Asia picked up some strength over the past week after a fire broke out at the Indonesia subsidiary of Chinese stainless steelmaker Tsingshan Holding Group, which has been supplying cargoes - often at a discount - to the region.
The weekly Fastmarkets import price assessment for stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East Asian port was $2,020-2,060 per tonne on Wednesday July 24, narrowing upward by $20 per tonne from a week earlier. PT Indonesia Tsingshan Stainless Steel will delay its shipment of stainless cold-rolled products because of damage caused to its pickling line by a fire that broke out at its cold-rolling mill last week, sources told Fastmarkets.Repairs to the pickling line are expected to take two months and the mill will only be able to fulfill pending orders in October, market sources said.These developments are likely to provide some short-term support for stainless steel prices...