SteelOrbis has been informed that as of August 19 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to August 12.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10.5/mt).
Nickel prices have edged down in the given week amid the expectation of plentiful supply in Indonesia. However, the extension of the US-China tariff ceasefire has bolstered commodity prices, providing some support for stainless steel prices. Stainless steel producers’ capacity utilization rates have been at relatively high levels, while inventory has been at low levels, exerting a positive impact on prices. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range during the rest of August and will likely rebound when demand is released in the traditional peak season of September.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,885/mt ($1,806/mt) on Tuesday, August 19, decreasing by RMB 315/mt ($44/mt) or 2.4 percent compared to August 12, while declining by 1.07 percent compared to the previous trading day, August 18.
$1 = RMB 7.1359
