LMEWEEK-Tsingshan to offer fixed-price stainless contracts with no alloy surcharge - SMR [Reuters]
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Source: Reuters
Tsingshan to offer fixed-price stainless contracts with no alloy surcharge: SMR | Reuters 4 Min Read LONDON (Reuters) - Chinese-owned Tsingshan, the world’s top stainless steelmaker, is prepared to offer fixed-priced long-term contracts that have no alloy surcharge - a move that could change the way the metal is priced globally, an industry veteran told Reuters. Tsingshan, which can produce about 8 million tonnes or 15 percent of global stainless output, could upend the stainless industry with this move, as rivals may be forced to drop their surcharges and offer long-term contracts in order to compete. Tsingshan has depressed global prices since it ramped up its 3 million ton per year Indonesia unit last year. Tsingshan Indonesia has captive power and mines its own nickel and chrome, making it an extremely low cost producer. But the private Chinese company could further dislodge the market with its plan to take price volatility out of stainless steel - priced in the West using a base
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