SteelOrbis has been informed that as of June 23 ex-China stainless steel coil export prices are at $2,350-2,450/mt FOB, remaining stable on average compared to June 16.
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 ($14.7/mt).
During the given week, LME nickel prices have declined slightly as Indonesia has adjusted its commodity export policy, which has effectively eased the tight supply in the market. Meanwhile, the widespread rainy weather in China is negatively affecting demand for stainless steel, contributing to the price declines. The market has seen only limited, sporadic restocking activity. Orders in both the domestic and export markets have shrunk, exerting a negative impact on the stainless steel market. It is thought that stainless steel prices in the Chinese domestic market will edge down slightly in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained unchanged, still standing at $2,220/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,885/mt ($2,283.5/mt) on Tuesday, June 23, decreasing by RMB 355/mt ($52/mt) or 2.3 percent compared to June 16, while declining by 1.49 percent compared to the previous trading day, June 22.
$1 = RMB 6.8171
