SteelOrbis has been informed that as of June 21 ex-China stainless steel coil export prices are at $3,100-3,150/mt FOB, moving sideways compared to June 14.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($22.4/mt).
Nickel prices at the London Metal Exchange (LME) have bottomed up, bolstering the stainless steel market. Meanwhile, major stainless steel producers have raised their ex-works prices, exerting a positive impact on the spot market. However, the demand for stainless steel has not indicated any significant improvement. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,130/mt ($2,710/mt) on Tuesday, June 21, edging up by RMB 280/mt ($42/mt) or 1.6 percent compared to June 14.
$1 = RMB 6.6851
