SteelOrbis has been informed that as of August 1 ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, moving sideways compared to July 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7/mt).
During the given week, LME nickel prices have edged up as market players have been being willing to build up stocks. However, stainless steel futures prices moved down sharply in the latter part of the week, exerting a negative impact on prices in the spot market, though futures prices indicated a rebounding trend since Monday, which may bolster spot prices in the near future. Transaction activities have slowed down recently, reflecting the increasing wait-and-see stance as regards the future prospects for the stainless steel market. It is thought that stainless steel prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,340/mt ($2,151.5/mt) on Tuesday, August 1, moving down by RMB 165/mt ($23/mt) or 1.1 percent compared to that on July 25.
$1 = RMB 7.1283