SteelOrbis has been informed that as of July 18 ex-China stainless steel coil export prices are at $2,500-2,550/mt FOB, moving sideways compared to July 11.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have edged down against the backdrop of the US Federal Reserve attempting to implement an interest rate hike, which weakened the ferrous metal market. Meanwhile, demand for stainless steel has remained slack due to the hot summer weather, exerting a negative impact on prices. However, stainless steel futures prices have increased to a certain degree. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,975/mt ($2,096/mt) on Tuesday, July 18, edging up by RMB 60/mt ($30/mt) or 0.4 percent compared to July 11.
$1 = RMB 7.1453