SteelOrbis has been informed that as of July 29 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways on average compared to July 22.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 50/mt ($7/mt).
Nickel prices have seen declines, weakening support for stainless steel prices. Stainless steel futures prices have indicated slight decreases, exerting a negative impact on prices in the spot market. Following previous price rises, market players have started to be cautious as regards the future prospects for the price trend. However, prices of raw materials, including coking coal and coke, have moved up, bolstering stainless steel prices from the cost side. 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 12,920/mt ($1,807/mt) on Tuesday, July 29, decreasing by RMB 10/mt ($1.4/mt) or 0.08 percent compared to July 22, while decreasing by 0.12 percent compared to the previous trading day, July 28.
$1 = RMB 7.1511