SteelOrbis has been informed that as of June 17 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, decreasing by $50/mt compared to June 10.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($20.8/mt).
Nickel prices have seen decreases amid the prevailing bearish sentiments among market players. The US government’s tariff policy on steel imports exerted a negative impact on China’s stainless steel enterprises. Following the rumors of Indonesia’s nickel ore quota cut, there are rumors of a proposed increase in ferronickel tax rates from 2 percent to 5-7 percent, resulting in the rising expectations of increasing raw material costs, which will bolster stainless steel prices in a medium to long term. However, the plum rainy season in the lower and middle reaches of the Yangtze River slackened the demand for stainless steel, weakening the support to its prices. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,480/mt ($1,731/mt) on Tuesday, June 17, increasing by RMB 20/mt ($2.8/mt) or 0.16 percent compared to June 10, while decreasing by 0.48 percent compared to the previous trading day, June 16.
$1 = RMB 7.1746
