SteelOrbis has been informed that as of July 22 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, increasing by $50/mt on average compared to July 15.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 150/mt ($21/mt).
Nickel prices have moved on an uptrend in the past week, with market sentiments changing from caution to cautious bullishness. Several government departments in China have stressed the need to curb excessive competition in the steel industry, bolstering market sentiments. Stainless steel futures prices have moved up, exerting a positive impact on prices in the spot market. It is expected that stainless steel prices in the Chinese domestic market will edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,930/mt ($1,808/mt) on Tuesday, July 22, increasing by RMB 235/mt ($33/mt) or 1.85 percent compared to July 15, while increasing by 0.47 percent compared to the previous trading day, July 21.
$1 = RMB 7.146