SteelOrbis has been informed that as of June 23 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, stable compared to June 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways, bolstering stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved down over the past week.
During the given week, stainless steel futures prices at Shanghai Futures Exchange (SHFE) have moved up, exerting a positive impact on market sentiment. However, demand from downstream users has been slack due to rainy weather and floods. Ferronickel and ferrochrome prices have been at high levels, while inventory at ports has decreased, which will provide some support for stainless steel prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,190/mt ($1,866.4/mt) on Tuesday, June 23, increasing by RMB 445/mt ($63/mt) or 3.5 percent compared to RMB 12,745/mt on June 16.
$1 = RMB 7.0671
