SteelOrbis has been informed that as of July 28 ex-China stainless steel coil export prices are at $2,350-2,450/mt FOB, remaining stable on average compared to July 21.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7.4/mt).
During the given week, LME nickel prices have indicated slight rises, bolstering stainless steel prices to a certain degree. Production has been at relatively high levels, resulting in slight increases in inventory levels. However, demand for stainless steel from downstream industries, including home appliances and equipment manufacturing, has been slack, which will exert a negative impact on prices. Cautious sentiments have prevailed among market players. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Indonesia-based Tsingshan's export quotation for 304 (2 mm) has remained stable, standing at $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,515/mt ($2,138/mt) on Tuesday, July 28, decreasing by RMB 285/mt ($42/mt) or 1.9 percent compared to July 21, while declining by 1.36 percent compared to the previous trading day, July 27.
$1 = RMB 6.7928
