SteelOrbis has been informed that as of June 28 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, moving down by $150/mt compared to June 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 900/mt ($134.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved down sharply, weakening the support for stainless steel prices. Traders have been cutting prices to attract more buyers. Stainless steel producers have started to plan large-scale output reductions, which may bolster prices to some extent. It is thought that stainless steel prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,810/mt ($2,512/mt) on Tuesday, June 28, moving down by RMB 1,320/mt ($197/mt) or 7.3 percent compared to that on June 21.
$1=RMB 6.693
