SteelOrbis has been informed that as of June 30 ex-China stainless steel coil export prices are at $2,350-2,450/mt FOB, moving sideways on average compared to June 23.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14.7/mt).
During the given week, LME nickel prices have decreased. The new steel trade policy of the EU will be implemented as of July 1, with the tariff outside the quota being doubled from 25 percent to 50 percent, which may exert a negative impact on China’s stainless steel exports. Since the beginning of June this year, nickel prices have declined amid the loosening of Indonesia’s nickel ore quota, weakening the support for stainless steel prices from the cost side. The continuous rainy weather and high temperatures in July may negatively affect stainless steel prices. 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 series (2 mm) has moved sideways, still standing at $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,740/mt ($2,164.5/mt) on Tuesday, June 30, decreasing by RMB 145/mt ($21.3/mt) or 1.0 percent compared to June 23, while increasing by 0.27 percent compared to the previous trading day, June 29.
$1 = RMB 6.8109
