SteelOrbis has been informed that as of June 6 ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, moving sideways compared to May 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have edged down slightly amid the uncertainty in the US economy. At the same time, stainless steel production capacity utilization rates have declined, signaling a prevailing wait-and-see stance as regards the future prospects fort he market. Meanwhile, inventories of stainless steel are not at high levels, providing support to prices. The supply of stainless steel for June is expected to be tight, and so stainless steel prices in the Chinese domestic market may edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,135/mt ($2,132/mt) on Tuesday, June 6, moving up by RMB 270/mt ($38/mt) or 1.8 percent compared to that on May 30.
$1 = RMB 7.1075