SteelOrbis has been informed that as of June 29 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, moving up by $50/mt compared to June 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 350/mt ($54/mt).
Nickel prices at the London Metal Exchange (LME) have increased, providing a certain degree of support for stainless steel prices. Firm demand in the local market has bolstered stainless steel prices, while export activities have been weak. Buyers have been willing to accept the current relatively high ferronickel prices, which has also exerted a positive impact on the stainless steel market.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,555/mt ($2,564/mt) on Tuesday, June 29, increasing by RMB 120/mt ($18.6/mt) or 0.73 percent compared to RMB 16,435/mt on June 22.
$1 = RMB 6.4567
