SteelOrbis has been informed that as of June 27, ex-China stainless steel coil export prices are at $2,500-2,550/mt FOB, edging down by $50/mt compared to June 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 250/mt ($35/mt).
During the given week, LME nickel prices have seen big decreases. Market players did not believe that Federal Reserve will cut the interest rate for the current year, resulting in the continuous depreciation of Chinese currency. At the same time, market players thought the commodity prices may unlikely see rises in the global market, which will negatively affect stainless steel prices in the Chinese domestic market from cost side. Moreover, the poor performance in the real estate industry exerted a negative impact on market players’ sentiments. And the ongoing rainy season may weaken the sentiments among market participants. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,750/mt ($2,046/mt) on Tuesday, June 27, edging down by RMB 35/mt ($5/mt) or 0.24 percent compared to that on June 20.
$1 = RMB 7.2098