Taiyuan Iron & Steel Group, the largest stainless steel maker in China, has announced to cut its ex works prices of stainless steel products for January 2012 due to poor demand in spot market.

The firm will cut the ex works prices of 304 grade cold rolled coil, hot rolled coil and medium plate by CNY 900 per tonne, CNY 1,400 per tonne and CNY 2,000 per tonne respectively for January 2012.

Meanwhile, it will also reduce the ex work prices of 430 grade cold rolled coil by CNY 400 per tonne for January 2012.

At the same time, Baosteel, the second largest stainless steel producer in China also decided to cut its prices of 304 grade hot rolled coil by CNY 300 per tonne; while, it kept the prices of 304 grade cold rolled coil unchanged.

Also, Baosteel decreased the prices of 400 grade stainless steel by CNY 200 per tonne for January 2012.

(Sourced from www.yieh.com)