China's stainless steel market has been on the rise for nearly two weeks. This week, market participants indicated that local steel mills plan to reduce production to support prices. Additionally, futures prices will continue to climb. On July 4, Indonesia's Tsingshan officially notified its customers to raise export quotations.

Tsingshan attributed the price increase to rising steel prices in China and a rebound in alloy prices. It notified customers of a US$15 per ton increase for 304 black stainless steel. Industry players noted that Tsingshan's price adjustment is in line with increases seen in China's spot market.