SteelOrbis has been informed that as of July 30 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, remaining stable compared to July 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 100/mt ($14/mt).
During the given week, nickel prices have seen slight declines. Stainless steel futures prices have moved down, exerting a negative impact on spot prices. Bearish sentiments have prevailed among market players, resulting in low transaction activities. Slow inventory consumption amid the slack demand from downstream users has negatively affected the stainless steel market. The supply of nickel from Indonesia has been tight, which may bolster stainless steel prices to a certain degree. It is expected that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,905/mt ($1,950/mt) on Tuesday, July 30, decreasing by RMB 70/mt ($9.8/mt) or 0.93 percent compared to that on July 23, while down 0.14 percent compared to the previous trading day, July 29.
$1 = RMB 7.1364
