SteelOrbis has been informed that as of July 6 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, moving sideways compared to June 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100/mt ($15.5/mt).
Nickel prices at London Metal Exchange (LME) have increased, bolstering stainless steel prices. Tight supply of ferronickel has provided support for stainless steel prices from the cost side. Meanwhile, stainless steel futures prices have edged up, reflecting market players’ bullish sentiments as regards the future market prospects amid declining output due to producers’ maintenance works.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,880/mt ($2,613/mt) on Tuesday, July 6, increasing by RMB 325/mt ($50.3/mt) or 1.96 percent compared to RMB 16,555/mt on June 29.
$1 = RMB 6.4613
