SteelOrbis has been informed that as of June 14 ex-China stainless steel coil export prices are at $3,100-3,150/mt FOB, moving down by $100/mt compared to June 7.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 500/mt ($74.1/mt).
Nickel prices at the London Metal Exchange (LME) have indicated continuous declines amid the prevailing bearish sentiments among market players. Demand for stainless steel has been slack, exerting a negative impact on the market. It is thought that stainless steel prices may edge down further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,850/mt ($2,644/mt) on Tuesday, June 14, moving down by RMB 610/mt ($90.4/mt) or 3.3 percent compared to that on June 7.
$1 = RMB 6.7482
