SteelOrbis has been informed that as of June 16 ex-China stainless steel coil export prices are at $2,350-2,450/mt FOB, moving sideways on average compared to June 9.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 200/mt ($29.4/mt).
During the given week, LME nickel prices have decreased given the improvement in the situation in the Middle East, which is likely to lead to a decrease in freight rates. Ferronickel inventories at Chinese domestic ports have undergone significant destocking, while the supply of tradable high-grade material has been tight, bolstering stainless steel prices to a certain degree. However, the traditional off-season in June is exerting a negative impact on stainless steel prices. Recently, metal futures prices have seen continuous rises, positively affecting market sentiments. It is expected that stainless steel prices in the Chinese domestic market will soften in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has moved sideways, still standing at $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,240/mt ($2,238/mt) on Tuesday, June 16, increasing by RMB 735/mt ($108/mt) or 5.1 percent compared to June 9, while rising by 3.08 percent compared to the previous trading day, June 15.
$1 = RMB 6.8108
