SteelOrbis has been informed that as of July 27 ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving up by $50/mt compared to July 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 350/mt ($54/mt).
Nickel prices at the London Metal Exchange (LME) have indicated slight rises, while the production restrictions on Chinese producers’ side bolstered stainless steel prices. The ferronickel supply in the Philippines continued to improve amid the completion of rainy season, while the imports of chrome ore from South America declined due to the shortage of power supply. It is expected that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 19,190/mt ($2,965/mt) on Tuesday, July 27, increasing by RMB 700/mt ($108/mt) or 3.8 percent compared to RMB 18,490/mt on July 20.
$1 = RMB 6.4734