SteelOrbis has been informed that as of September 13, ex-China stainless steel coil export prices are at $3,000-3,050/mt FOB, rising by $50/mt compared to September 6.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 450/mt ($65/mt).
Nickel prices at the London Metal Exchange (LME) have indicated big rises, while stainless steel futures prices at the Shanghai Future Exchange have also moved up sharply. Bullish sentiments have prevailed among market players following the Mid-Autumn Day holiday, bolstering stainless steel prices. At the same time, inventory of stainless steel on the traders’ side has been at relatively low levels, resulting in their unwillingness to sell. It is thought that stainless steel prices in the Chinese domestic market will likely move up further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,480/mt ($2,537/mt) on Tuesday, September 13, moving up by RMB 1,105/mt ($160/mt) or 6.75 percent compared to that on September 6.
$1 = RMB 6.8928