Ex-China stainless steel prices move sideways

Tuesday, 16 June 2020 16:40:05 (GMT+3)   |   Shanghai

SteelOrbis has been informed that as of June 16 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving sideways compared to June 9.

During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down, weakening the support for stainless steel export prices.

Nickel prices at the London Metal Exchange (LME) have edged down over the past week.   

During the given week, rainy weather in eastern and southern China has resulted in slacker demand for stainless steel and weaker sentiment as regards the future prospects for the market. However, inventory of nickel at Chinese major ports has decreased, bolstering stainless steel prices from the cost side. At the same time, India has announced it will extend the antidumping duty on imported 304 series stainless steel until December 4 this year, which will negatively affect stainless steel exports.

Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,745/mt ($1,801.3/mt) on Tuesday, June 16, decreasing by RMB 200/mt ($28/mt) or 1.5 percent compared to RMB 12,945/mt on June 9.

$1 = RMB 7.0755

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