SteelOrbis has been informed that as of June 8 ex-China stainless steel coil export prices are at $2,750-2,800/mt FOB, moving sideways compared to June 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 175/mt ($27.4/mt).
Nickel prices at the London Metal Exchange (LME) have edged down in the week in question.
In the past week, stainless steel futures prices have indicated an overall downtrend, exerting a negative impact on stainless prices in the spot market. The lower nickel ore prices will likely weaken the support for stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,460/mt ($2,419/mt) on Tuesday, June 8, decreasing by RMB 705/mt ($110/mt) or 4.36 percent compared to RMB 16,165/mt on June 1.
$1 = RMB 6.3909
