Shanxi Taigang Stainless Steel is cutting its export prices for cold rolled stainless steel by $60 per tonne for November shipments due to weak demand.

Taigang, China's largest stainless mill, will offer grade 304 2mm cold rolled coil at $3,290 per tonne fob for November delivery, with a discount of $100 per tonne for those buying more than 1,000 tonnes.

Its hot rolled coil price is $50 higher than last month's at $3,140 pe tonne fob.

"Export demand is not very good. I heard that Taigang received export orders of only about 10,000 tonnes in August, compared to their average level of 20,000 tonnes per month in the past several months. So they have to cut prices this month," a stainless exporter said.

Taigang is keeping its domestic prices unchanged for October, however.

It is offering 304 2B 2mm cold rolled coil at 24,100 yuan ($3,774) per tonne ex works, and is extending a 600 yuan discount to its distributors.

Its price for 430 2B 2mm cold rolled coil remains at 11,900 yuan per tonne ex works.

In the main spot market of Wuxi, Taigang's benchmark grade 304 2B 2mm cold rolled coil is trading at around 22,800 yuan per tonne on Friday, up from 22,600 yuan on August 16.