SteelOrbis has been informed that as of July 5 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, moving sideways compared to June 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 300/mt ($45/mt).
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range, while stainless steel futures prices have edged down. Recently, Wuxi in Jiangsu Province, a major stainless steel market, has been negatively affected by the spread of the Covid-19 pandemic, resulting in quiet transaction activities. In May and June, the imports of ferronickel from Indonesia were at relatively high levels, which contributed to the declining trend of ferronickel prices amid sufficient supplies and this will weaken the support for stainless steel prices from the cost side. It is thought that stainless steel prices in the Chinese domestic market may edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,620/mt ($2,481/mt) on Tuesday, July 5, moving down by RMB 190/mt ($28.4/mt) or 1.13 percent compared to June 28.
$1 = RMB 6.6986
