SteelOrbis has been informed that as of June 2 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving sideways compared to May 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved on a stable trend, providing support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have indicated an overall uptrend over the past week.
During the given week, players in the main local Chinese stainless steel markets - Wuxi and Foshan - have been seeking to decrease their inventories, while inventories of stainless steel have in general been at relatively high level. In May, demand from downstream users was not as good as market players had expected for May. If demand does not improve in June, stainless steel prices in the Chinese domestic market will likely come under downward pressure.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,045/mt ($1,833/mt) on Tuesday, June 2, decreasing by RMB 205/mt ($29/mt) or 1.55 percent compared to RMB 13,250/mt on May 26.
$1 = RMB 7.1167
