SteelOrbis has been informed that as of July 23 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to July 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, nickel prices have edged down slightly. Stainless steel futures prices have moved up, exerting a positive impact on spot prices. Stainless steel outputs are likely to see declines in July amid maintenance works, bolstering prices. However, inventory of stainless steel may remain at relatively high levels due to the slack demand from downstream users. Buyers will continue to buy as needed. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,035/mt ($1,968/mt) on Tuesday, July 23, increasing by RMB 70/mt ($9.8/mt) or 0.5 percent compared to July 16, while up 1.48 percent compared to the previous trading day, July 22.
$1 = RMB 7.1334