SteelOrbis has been informed that as of July 7 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, in line with the levels recorded on June 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100 ($14/mt), providing support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up significantly over the past week.
During the given week, nickel futures prices and low inventory levels bolstered the stainless steel market, stimulating transaction activities. Meanwhile, buyers have been active in booking orders for August shipment, which has exerted a positive impact on the stainless steel market.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,415/mt ($1,908.3/mt) on Tuesday, July 7, increasing by RMB 310/mt ($44/mt) or 2.4 percent compared to RMB 13,105/mt on June 30.
$1 = RMB 7.031