SteelOrbis has been informed that as of June 7 ex-China stainless steel coil export prices are at $3,200-3,250/mt FOB, moving sideways compared to May 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 300/mt ($45/mt).
Nickel prices at the London Metal Exchange (LME) have continued their rising trend compared to last week. The low inventory levels of raw materials have pushed up prices. Meanwhile, China’s stimulus policy has bolstered market sentiment amid the lifting of the lockdown in Shanghai, which exerted a positive impact on the stainless steel market. It is expected that stainless steel prices will move up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,460/mt ($2,770/mt) on Tuesday, June 7, moving up by RMB 170/mt ($25.5/mt) or 0.93 percent compared to that on May 31.
$1 = RMB 6.6649
