SteelOrbis has been informed that as of July 11, ex-China stainless steel coil export prices are at $2,500-2,550/mt FOB, remaining stable compared to July 4.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10.4/mt).
During the given week, LME nickel prices have moved on a fluctuating trend within a limited range. Global metal market has been shocked by the possibility of US’ hike in interest rates. Part of traders in stainless steel market has been willing to sell at lower prices. The cautious sentiments prevailed among market players. It is thought that stainless steel prices in the Chinese domestic market may move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,915/mt ($2,074/mt) on Tuesday, July 11, moving up by RMB 215/mt ($30/mt) or 1.46 percent compared to that on July 4.
$1 = RMB 7.1886