SteelOrbis has been informed that as of July 25 ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, increasing by $50/mt compared to July 18.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 200/mt ($28/mt).
During the given week, LME nickel prices have moved up as the inflation crisis has eased in the EU and the US. The US Federal Reserve and the European Central Bank will likely raise interest rates by 25 basis points, affecting the commodity markets. Stainless steel futures prices have moved on a continuous increasing trend amid the rises seen in raw material prices. At the same time, policymakers in China are expected to issue more policies to bolster economic development: for instance, rehabilitation of villages in urban areas has been mentioned, which will provide solid support for the real estate market. It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,505/mt ($2,172/mt) on Tuesday, July 25, moving up by RMB 530/mt ($74/mt) or 3.5 percent compared to that on July 18.
$1 = RMB 7.1406
