SteelOrbis has been informed that as of June 24 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways compared to June 17.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
Nickel prices have decreased amid the prevailing cautious sentiments. Stainless steel futures prices have moved down, exerting a negative impact on the market. Inventories of stainless steel have indicated rapid rises with producers’ products arriving in the market in significant volumes. The US plans to impose tariffs on home appliances made with steel, intensifying market worries. Meanwhile, the demand for stainless steel remains slack, which will negatively affect prices. It is thought 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 12,440/mt ($1,734/mt) on Tuesday, June 24, decreasing by RMB 40/mt ($5.6/mt) or 0.32 percent compared to June 17, while decreasing by 0.28 percent compared to the previous trading day, June 23.
$1 = RMB 7.1656