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Yieh.com reports that Chinese steel mills' supply of hot rolled stainless steel to the South Korean market has risen by $ 200 per tonne since May.
Local buyers said higher prices of Chinese origin, increased maritime traffic and the possibility of Chinese government imposing export duties have strengthened the market trend. The price of cold-rolled 304 stainless steel imported from China is now higher than the June POSCO price.
Market participants believed that if domestic prices continued to rise in July, local buyers would have to buy continuously in August. However, China's policy on export taxation is unclear and issues such as lack of cargo space continue to affect market developments.
