SteelOrbis has been informed that as of July 8 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways compared to July 1.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
Nickel prices have edged up slightly. Stainless steel futures prices at Shanghai Futures Exchange (SHFE) have risen, bolstering market sentiments. However, US President Trump has threatened to impose tariffs on products from 14 countries, which may limit stainless steel exports from Japan and South Korea to the US, which may in turn exert a negative impact on China’s stainless steel exports to other countries. Currently, some Chinese stainless steel producers are implementing production cuts, easing supply pressure to a certain degree, though supplies are still at relatively high levels, which will negatively affect the market. It is thought 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 12,700/mt ($1,754/mt) on Tuesday, July 8, rising by RMB 140/mt ($20/mt) or 1.1 percent compared to July 1, while increasing by 0.32 percent compared to the previous trading day, July 7.
$1 = RMB 7.1534
