SteelOrbis has been informed that as of July 21 ex-China stainless steel coil export prices are at $2,350-2,450/mt FOB, moving sideways on average compared to July 14.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($22.1/mt).
During the given week, LME nickel prices have edged up slightly as Indonesia stated that the loosening of mining quotas for nickel ore is only to compensate for gaps in previously approved production targets, which shifted market players’ bearish sentiments and caused nickel prices to rebound. In the Chinese domestic market, stainless steel futures prices have moved up, exerting a positive impact on prices in the spot market. Downstream users have been seeking to conclude purchases, bolstering market sentiments. Meanwhile, destocking in the Foshan and Wuxi markets reflects decent purchasing activities. It is thought that stainless steel prices in the Chinese domestic market will see further rises in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained unchanged, standing at $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,800/mt ($2,180/mt) on Tuesday, July 21, increasing by RMB 245/mt ($36/mt) or 1.7 percent compared to July 14, while rising by 0.65 percent compared to the previous trading day, July 20.
$1 = RMB 6.7917
