SteelOrbis has been informed that as of July 20 ex-China stainless steel coil export prices are at $3,200-3,300/mt FOB, moving up by $200-250/mt compared to July 13.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 1,000/mt ($154/mt).
Nickel prices at the London Metal Exchange (LME) have indicated slight declines, while local high-carbon ferrochrome and stainless steel scrap prices have moved up, bolstering stainless steel prices. The good demand for ferronickel resulted in supply shortage in the Philippines, exerting a positive impact on 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 18,490/mt ($2,613/mt) on Tuesday, July 20, increasing by RMB 1,090/mt ($168.1/mt) or 6.26 percent compared to RMB 17,400/mt on July 13.
$1 = RMB 6.4855
