SteelOrbis has been informed that as of June 1 ex-China stainless steel coil export prices are at $2,750-2,800/mt FOB, moving up by $50/mt compared to May 25.
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 ($55.1/mt).
Nickel prices at the London Metal Exchange (LME) have edged up in the week in question.
During the given week, stainless steel futures prices have seen an overall uptrend, while downstream users have been active in concluding purchases, though traders have been unwilling to sell amid the upward momentum of prices. Nickel ore prices have decreased, weakening the support for stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,165/mt ($2,543/mt) on Tuesday, June 1, increasing by RMB 1,245/mt ($196/mt) or 8.34 percent compared to RMB 14,920/mt on May 25.
$1 = RMB 6.3572