SteelOrbis has been informed that as of June 2 ex-China stainless steel coil export prices are at $2,400-2,500/mt FOB, remaining stable on average compared to May 26.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100/mt ($14.7/mt).
During the given week, LME nickel prices have seen slight rises, exerting a positive impact on stainless steel prices. The shrinking supply of nickel has bolstered market sentiments. Chinese stainless steel producers are expected to implement maintenance works in June, which will reduce outputs and provide solid support for prices. However, the traditional offseason in June may weaken the support for prices, which will limit the upside of stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will rebound slightly in the coming week.
Indonesia-based ’s export quotation for 304 (2 mm) has lost $40/mt to $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,065/mt ($2,209/mt) on Tuesday, June 2, increasing by RMB 270/mt ($40/mt) or 1.8 percent compared to May 26, while rising by 1.82 percent compared to the previous trading day, June 1.
$1 = RMB 6.8187
