SteelOrbis has been informed that as of June 18, ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, decreasing by $50/mt compared to June 11.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 300/mt ($42/mt).
During the given week, nickel prices have seen decreases amid the fading support from the macro side. Stainless steel futures prices moved down, exerting a negative impact on its prices in the spot market. The inventory level of stainless steel has seen rises, which will weaken the support to its prices in the near future. Since it is in the traditional offseason, cautious sentiments prevailed among market players. It is thought that stainless steel prices in the Chinese domestic market will continue the downtrend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,825/mt ($1,944/mt) on Tuesday, June 18, decreasing by RMB 275/mt ($46/mt) or 1.95 percent compared to that on June 11, while down 0.22 percent compared to the previous trading day, June 17.
$1 = RMB 7.1148
