SteelOrbis has been informed that as of July 13 ex-China stainless steel coil export prices are at $3,000-3,050/mt FOB, moving up by $100/mt compared to July 6.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 400/mt ($62/mt).
Nickel prices at the London Metal Exchange (LME) have increased, providing support for stainless steel prices. The continuous increases in stainless steel futures prices have bolstered market players’ bullish sentiments and so they have preferred to hold on to their stocks and are unwilling to sell. At the same time, China’s central bank will decrease the required reserve ratio as of July 15, exerting a positive impact on the stainless steel market. It is thought that stainless steel prices may edge up further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,400/mt ($2,613/mt) on Tuesday, July 13, increasing by RMB 520/mt ($80.3/mt) or 3.1 percent compared to RMB 16,880/mt on July 6.
$1 = RMB 6.4757
