SteelOrbis has been informed that as of June 9 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, following a stable trend since June 2.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways, providing a certain degree of support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up over the past week.
During the given week, mainstream Chinese producers have kept their ex-works prices stable, providing support for stainless steel prices. However, demand for stainless steel has slackened amid relatively high inventory levels. Supply of nickel ore and ferronickel will resume amid the resumption of production by overseas ore miners, which will exert a negative impact on raw material prices and will likely drag down stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,945/mt ($1,831/mt) on Tuesday, June 9, decreasing by RMB 100/mt ($14/mt) or 0.77 percent compared to RMB 13,045/mt on June 2.
$1 = RMB 7.0711
