SteelOrbis has been informed that as of June 10 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, remaining stable compared to June 3.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10.4/mt).
Nickel prices have declined amid expectations of a cooling of the US Federal Reserve’s interest rate cuts. Chinese mainstream steelmakers implemented maintenance works, resulting in production reductions, which will bolster stainless steel prices to a certain degree. However, decreasing stainless steel futures prices and increasing inventory levels have exerted a negative impact on prices. At the same time, demand will remain sluggish due to the continuous rainy weather, which will weaken the support for stainless steel prices. It is expected that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,460/mt ($1,731/mt) on Tuesday, June 10, decreasing by RMB 170/mt ($23/mt) or 1.35 percent compared to June 3, while decreasing by 1.46 percent compared to the previous trading day, June 9.
$1 = RMB 7.184