SteelOrbis has been informed that as of June 11 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, decreasing by $50/mt compared to June 4.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 250/mt ($35/mt).
During the given week, nickel prices have indicated sharp declines amid the prevailing bearish sentiments. At the same time, stainless steel prices have moved on an overall downward trend, resulting in cautious sentiments among market players. Traders have been unwilling to build up stocks and are mostly keeping low inventories. It is expected that stainless steel prices in the Chinese domestic market will see further declines in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,100/mt ($1,983/mt) on Tuesday, June 11, decreasing by RMB 325/mt ($46/mt) or 2.3 percent compared to that on June 4, while down 1.16 percent compared to the previous trading day, June 7.
$1 = RMB 7.1135
