SteelOrbis has been informed that as of July 1 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, remaining stable compared to June 24.
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 ($10.5/mt).
Nickel prices have increased, while demand from downstream users has remained sluggish. In the given week, stainless steel futures prices have indicated a rebounding trend, exerting a positive impact on prices in the spot market. However, inventories of stainless steel have been at relatively high levels, weakening the support for prices. Only some downstream users have concluded purchases for the relatively low-priced stainless steel, while the high-prices supplies have been consumed slowly. Stainless steel producers may reduce outputs in July, which will bolster prices to a certain degree in the future. Demand for stainless steel may remain slack during the hot summer weather, which will negatively affect prices in the coming period. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,560/mt ($1,754/mt) on Tuesday, July 1, increasing by RMB 120/mt ($17/mt) or 0.96 percent compared to June 24, while decreasing by 0.87 percent compared to the previous trading day, June 30.
$1 = RMB 7.1534
