SteelOrbis has been informed that as of July 21 ex-China stainless steel coil export prices are at $1,900-1,950/mt FOB, moving sideways compared to July 14.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 50 ($7.1/mt), weakening certain support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved down significantly over the past week.
During the given week, stainless steel prices in major markets, including Wuxi and Foshan, have decreased, while transaction activities have been at low levels. Meanwhile, inventory of stainless steel has increased, exerting a negative impact on prices. At the same time, ferronickel prices have fluctuated at high levels, bolstering stainless steel prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,505/mt ($1,933/mt) on Tuesday, July 21, decreasing by RMB 85/mt ($12.2/mt) or 0.63 percent compared to RMB 13,590/mt on July 14.
$1 = RMB 6.9862
