SteelOrbis has been informed that as of June 3 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to May 27.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7/mt).
Nickel prices have edged down slightly, while some nickel producers have implemented production cuts amid intensifying losses. The slow pace of recovery in downstream demand has exerted a negative impact on stainless steel prices. Stainless steel producers’ capacity utilization rates have been at relatively high levels, resulting in high outputs. It is thought that in the coming week stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range amid the dual impact of cost support and sluggish demand.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,630/mt ($1,754/mt) on Tuesday, June 3, decreasing by RMB 225/mt ($31/mt) or 1.75 percent compared to May 27, while decreasing by 1.04 percent compared to the previous trading day, May 30.
$1 = RMB 7.1869
