SteelOrbis has been informed that as of August 29 ex-China stainless steel coil export prices are at $2,600-2,650/mt FOB, decreasing by $50/mt compared to August 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 250/mt ($35/mt).
During the given week, LME nickel prices have continued their slight rises amid the supply shortage in the global market. However, demand for stainless steel from downstream users has not seen significant improvement yet, exerting a negative impact on prices. Currently, three typhoons, namely, Saola, Damrey and Haikui, are likely to impact China, which will result in heavy rainfall and will weaken stainless steel prices. At the same time, inventory of stainless steel may increase, also negatively affecting prices. It is thought that stainless steel prices may edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,680/mt ($2,182/mt) on Tuesday, August 29, moving down by RMB 440/mt ($61/mt) or 2.7 percent compared to that on August 22.
$1 = RMB 7.1851